The alternative title to this article is “Do you have a plan, Sam?” This is for all my small business owner readers out there-you know who you are! You are thinking you are too busy to read this article, but just give me thirty seconds to make my case.
Contingency: An event that may or may not occur; a possibility.
Contingency planning is about identifying possible risks to your business, such as you no longer being available to steer the ship. What happens then? Take some time to identify as many possible “what ifs” of running your company- such as floods, fires, accidents, new competition or loss of key personnel. Do you have a document to identify the likelihood of these risks and a plan for how to deal with it? If this sounds like it takes too much time or money, consider the costs of not doing this. By creating a simple contingency plan, you remain in the driver’s seat during a critical time to your company and can minimize loss. If you want more information about this topic, please Contact Us and let me share more about the cost-effective risk assessments and contingency plans I can provide your business. I have extensive experience working with businesses of all sizes. Check out the About us page to learn more. I look forward to hearing from you!