Contingency Plan For Small Business

Contingency Plan For Small Business-62
As the founder, you always know what’s going on and how to do things, but what would happen if you weren’t there?Putting a contingency plan in place not only gives you the peace of mind that everything could continue in your absence, or without key members of your team.As part of the same process, not only outline the roles and responsibilities of every senior member of staff, but scope out the daily and weekly tasks, so a replacement could assume those responsibilities very easily.

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Having just been through the process with The Brew, here’s my advice on the steps involved: What are your biggest risks: Start off by identifying the key risks that could affect your business, focusing on those that are most likely to happen.

There isn’t much value in preparing for very rare events, as the chances of being affected are very small.

Many large businesses and government organizations create multiple sets of contingency plans so that a variety of potential threats are well-researched and their appropriate responses are fully practiced before a crisis hits.

Think of contingency planning as a proactive strategy, whereas crisis management—the other piece of the business continuity puzzle—is more of a reactive strategy.

A business contingency plan is a course of action that your organization would take if an unexpected event or situation occurs.

Sometimes a contingency can be positive—such as a surprise influx of money—but most often the term refers to a negative event that affects an organization’s reputation, financial health or ability to stay in business.

A contingency plan helps to ensure you are prepared for what may come; a crisis management plan empowers you to manage the response after the incident occurs.

First, do a little research throughout your organization to identify and prioritize the resources that your organization cannot do without, such as employees, IT systems, and specific facilities and physical assets.

With The Brew, our members rely on us to keep their businesses up and running, so it would be unacceptable for us to be unprepared.

Nobody likes to think about being hit by something that could derail their business, but it’s a vital part of the job.

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