Contingency Plans In Business

So it is in the aftermath of this experience that we realized we needed to put together a solid backup plan so that we’d be prepared for those unexpected events that might impact our business.

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What course of action will you take if your system is breached?

Inventory: Do you have inventory or assets you need to protect?

Does one person hold all the intellectual property?

How are you going to get that knowledge transferred to someone else should something unexpected happen to them?

You’ve analyzed the risks; now it is time to prioritize which scenarios would have the most impact on your business and write your contingency plan accordingly.

Maybe there are some functions or people that are integral to your operation while other aspects could wait a bit or be less impactful to your customers. Don’t forget to outline communication plans for your customers, partners that will be counted on to step in, and timelines your team will need to follow when implementing the contingency plan.Reluctantly, I let my husband take me to the nearest hospital, and a few tests later they were able to confirm it was indeed my appendix.The surgeon was wonderful, and my recovery was fairly quick and uneventful, but I did learn a few things about our business.Do you have people cross trained and able to step in if needed?What partner relationships are integral to your business and what’s the back-up plan should something happen to them?Businesses and their processes, staff, and even products can be quite fluid.That’s why it is important to review and update your contingency plan each year.Initially, I thought it was gas pains from my lunch, but, hours later it was still there.I looked up my symptoms on the internet, and the results recounted story after story of people who experienced the same and it was their appendix.In order to adequately plan for the unexpected, you have to take some time to look at where you are most vulnerable.This can break down into several subcategories, mainly: Staff/Partners: How will your business operate if specific people are unable to work?