Strategic Communications is Crucial in Today's Turnarounds, Say Panel of Experts at TMA Event in Los Angeles
Bankruptcies and Other Restructurings Require Solid Communications Plan to Reach Key Stakeholders Using Online Tools, Media, Allies
Los Angeles, CA (PRWEB) May 21, 2009 -- The Southern California Chapter of the Turnaround Management Association (TMA) recently held an event on communications and the expert panel agreed that a well-crafted stakeholder communications plan was an important element in consummating a reorganization.
According to the panel, with increasing frequency, attempts to reorganize through bankruptcy result not in a reorganization, but in a liquidation of assets. Chances for reemergence - let alone one with a favorable corporate reputation and reasonable odds of succeeding - have declined in today's tough economic landscape; but, a number of key elements can help increase these odds. One of those is a sound strategic communications plan, which involves developing compelling and credible messages to stakeholders, proactively harnessing advocates such as customers and employees, and communicating consistently and frequently through the media, direct to stakeholders and through online tools such as a corporate Websites and blogs.
At a gathering of more than 75 turnaround management, legal and communications professionals, "The Power of Strategic Communications in Bankruptcies and other Restructurings" was debated among a panel of experts and a lively, engaged audience. The panel was comprised of Kate Berry, a reporter at American Banker; Linda Press, a public relations consultant and CEO of CorpCommunicators; Gary Baker, a branding specialist and head of Baker Brands; and Darry Sragow, a public affairs attorney and managing partner at Sonnenschein Rosen Nath.
Sara Chenetz, program co-chair for the Los Angeles Chapter of the TMA said, "Communications during restructurings is an important topic that our members expressed interest in learning more about. The highly interactive discussion at the event demonstrated that the dynamics of communications during a bankruptcy and turnaround are evolving and the digital era has brought with it new challenges and opportunities for both debtors and creditors."
The panel discussed the increasing trend for creditors' committees, bondholders or even competitors to have communications plans of their own to garner a significant share of voice in the media and online in blogs, Websites and through search engine optimization. These campaigns aim to promote different agendas - such as driving out the debtor's existing management or the selling of its non-core assets or stealing of its market share- and frequently work.
During the event, the panel warned that debtors must play offense and defense on communications and take control of their turnaround story. The TMA panel agreed that a well-conceived communication plan should include:
1) Engagement with all key stakeholders - including the trade, local, national and business media, bloggers, customers, regulators, public officials, communities, employees, partners, industry and Wall Street analysts, as well as vendors, investors and secured creditors.
2) The use technology to fullest extent possible - including blogs and microblogs such as Twitter, online media, multi-media communications such as videos and Webcasts and a robust Website section about the restructuring and plan of reorganization.
3) Strong voices and consistent messages, which should be credible and compelling. Executives may concede that mistakes were made and that the operating environment is exigent; however, their primary messages should be authoritative, transparent and focused on future promise. Other strong voices to harness include allies such as customers, employees, business partners and trade organizations.
More information about the Southern California Chapter of the Turnaround Management Association can be found at www.turnaround.org.
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