Contingency Plans For Business

They want “Plan A” to be successful and feel spending too much time on a “Plan B” could potentially sabotage that success.Related: Why You Need a Reliable Business Continuity Plan It’s critical that managers stress the importance of a contingency plan.If you’re not working on a contingency plan when you’re planning any enterprise, then you’re opening yourself up to unnecessary risk.

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Related: Business Agility: What Is It & Why Is It Important?

While any organization is going to plan for its product or service to work successfully in the marketplace, that marketplace is anything but stable.

A contingency plan is a plan, and like any plan, it requires a great deal of research and brainstorming.

And like any good plan, there are steps to take to make sure you’re doing it right.

The contingency plan is a proactive strategy, different from a crisis management plan, which is more of a reaction to something that happened.

A contingency plan is set up to account for those disruptive events, so you’re prepared if and when they arrive.

Unpredictability might be the enemy of business, but that doesn’t mean that it doesn’t exist.

To execute a plan believing you can avoid unpredictability may be fatal to your organization’s future.

Related: Crisis Management: How to Lead During a Crisis When managing a project there are many entry points for risk that need to be accounted for with a contingency plan.

For example, there’s the physical, as in loss due to damage to information, equipment or facilities as a result of an accident or natural disaster.

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