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As a form of risk management, contingency plans are what businesses use when an event interferes with the normal way of doing business.These plans are formulated to help avoid even bigger problems that these events can cause for a business’ reputation, customers, physical property or future viability.With power or communications outages, your business should have hard copies or alternative methods of accessing rosters that will provide a rough idea of the number of customers and employees that should be accounted for.
Toilet paper, hand soap, cleaning supplies, office supplies, springboards, mats, pool chemicals, props, ballet barres, glassless mirrors, hand chalk—these are just a handful of the items that class based businesses need on hand or in quick supply to keep the doors open and customers happy.
Part of contingency planning is identifying potential backup suppliers, order frequency or alternative delivery methods and short-term alternatives when items are on back-order or unavailable through your preferred suppliers.
Contingency planning is a natural extension of a well structured business strategy, but it can also be time consuming.
For this reason, many businesses don’t make it a priority to develop thorough plans or re-evaluate contingency plans after an initial assessment.
They will also have firsthand knowledge of the performance capabilities of their fellow employees.
They also have the ability to train these employees thoroughly and keep them updated on procedures.Unfortunately, that nonchalant attitude can result in outdated information and tools or perhaps leave your business open to new vulnerabilities when more critical business processes present themselves as your business grows.In short, when an unplanned event occurs—those businesses who have not dedicated the necessary amount of time and resources to contingency planning will feel the impact much worse than those who anticipated their troubles.You can also follow @tutor2u Business on Twitter, subscribe to our You Tube channel, or join our popular Facebook Groups.Much cheaper & more effective than TES or the Guardian.If the advantage of your business is expertise, you should develop plans to maintain your level of expertise in the field—such as hiring external consultants, developing qualified labor pools and offering accessible forms of continued education or training to employees so that they can maintain excellence in their field.Every business does contingency planning to some extent, though many businesses don’t cover all of the essential business processes as well as they should.While a company can hire outside consultants that deal in risk management, it can be costly.In truth, the best people to develop backup plans for the business are the people who are going to be making the decisions and carrying out those plans, They will have a better working knowledge of the time, resources and tools at hand during these events.April 30, 2014 You are probably familiar with the term, but you may not be familiar with its exact meaning.Contingency planning is the process of developing a backup plan (or even multiple backup plans) to get you through an essential business process during an unexpected event.