A company’s reputation can take years to build, yet it can be destroyed in the blink of an eye due to a crisis.

In the past year, we have seen several companies suffer financially, failing at crisis communication in situations that needed frequent, honest and transparent messages: Target. Malaysia Airlines. General Motors. Takata (the airbag manufacturer). To name but a few.

Recent studies indicate that only about half of North American companies have a crisis plan, and of those, only...