Scott Chaikin, head of Dix & Eaton, sent this email to clients last week, and provided a copy to PR News. If you’d like to share similar communiqués with clients or other stakeholders during these tough economic times, please email PR News; [email protected].
From: Scott Chaikin [mailto:[email protected]]
Sent: Wednesday, October 08, 2008 6:18 PM
Subject: Reflecting on Last Week
Last week saw unprecedented turmoil, leaving in its wake an extremely high level of anxiety and confusion among employees, customers and investors. From my recent conversations with clients and others, it's clear this is true regardless of industry.
As you concentrate on tackling the operational issues facing your organization, we have a few ideas on how you can use communications to help address the acute concerns among your key stakeholders:
- Now, more than ever, employees need to hear from management directly. They want understanding and guidance and need both - not only to remain productive, but also to handle questions and concerns as your frontline with customers and suppliers. Start with a message from the CEO to all employees, addressing the impact of market realities on your business and reminding them what they should stay focused on. Follow that with informal group discussions led by supervisors to inventory the fears and uncertainties that are permeating your organization. Then use that feedback to inform ongoing communications from both the CEO and management. Maintaining this dialogue with periodic updates will go a long way toward eliminating the void where rumors fester.
- Take this opportunity to fortify your customer partnerships by proactively reaching out with ideas that can help them remain competitive in today's shifting economic conditions. Such discussions will not only help you manage your forecasting but can help elevate the trust level between your respective organizations. Similarly, you can use this dialogue as a platform to reassure them as to the short and long-term health of your business (e.g., continuity within supply chain, etc.) and to address any issues or concerns they may have.
- Particularly given that the financial markets are at the eye of the storm, it is critical that you proactively address investor concerns in your upcoming quarterly earnings release/conference call and subsequent road show/conference presentations. True transparency on your ability to fund growth through free cash flow and/or access to credit will help insulate your valuation from overarching sector biases.
- Since your Web site is the first source of information for most customers, investors and others, create specific Web content to address their concerns. By the same token, don't shy away from talking to the media in the down market. They are also important resources for all your stakeholders and can give you a unique opportunity to properly frame the vitality of your business.
Within challenge often lies opportunity. Thoughtful, proactive communication amid the chaos can help you weather current difficulties while also strengthening relationships that will remain important to your organization for years to come.
As always, we thank you for your partnership with Dix & Eaton.
Scott