Does Your Business Have a Plan B?

August 6, 2019 by OSYB Staff

Almost all of us have heard the expression, “Don’t put all your eggs in one basket,” which is said to have been first used in the novel “Don Quixote”. In both the personal and business world, it is wise to have contingency plans prepared in case of emergent situations.

Emergent situations can include natural disasters, technology and electric interruptions or loss of service, health concerns, loss of sales, etc. Whatever the situation, a wise choice is to have a plan B. Stephen Bush, CEO of AEX Commercial Financing Group sums it up: “Contingency planning involves asking yourself what could go wrong for every aspect of your business, and then preparing an action plan for what you will do if that happens.”

Planning for every possible emergency sounds and is quite overwhelming, Intuit Small Business shares some simple steps that you can take:

• Identify key risks together with your staff.
• Prioritize identified risks and ranking them by probability and severity.
• Create a detailed back-up plan for each of your prioritized risks that is succinct and effective and that includes: ways to diminish risk, time line plan, staff needs, and an effective communication plan.
• Share the plan with all employees and thoroughly review the plan with all staff vital to enacting the plan. Ensure that all staff are aware of the plans and how to access them when needed.
• Maintain the plan, review it regularly, make sure it is up-to-date with current regulations and innovations, and that it is communicated and understood by staff.

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For full article: How to create a contingency plan for your small business in 5 steps  
Image Credit: Deposit Photos