Contingency planning is the art of preparing for the unexpected. But where do you start and how do you separate the threats that could do real harm to your business from the ones that aren’t as critical? Here are some important definitions, best practices and strong examples to help you b...
Every business depends upon certain "givens," which range from retaining key personnel, to emergency planning, to credit arrangements. But what happens when a relatively young CEO is killed in an accident or when an earthquake destroys a company's headquarters? Or, when a line of credit is un...
In this post, understand what contingency planning is, learn how to create your own plan, and discover examples you can use for inspiration.
Learn all about contingency plans. See the definition of contingency plan, what the contingency planning process is like, and see examples of...
Such small contingency plans should account for the likes of a business relationship going sour, losing staff, losing important data, or even an unexplained downturn in customers. Businesses will always suffer some or all of these events at some point, so contingency planning should be part of ...
Cost and uncertainty are significant barriers when convincing business leaders of the importance of making an investment in contingency planning. Since all costs for contingency plans are estimated—there’s no way of knowing precisely how events will disrupt a business—decision-makers are understandably...
Contingency plan examples Planning for natural disasters is an example of a contingency plan. Say some of your employees are based in the Midwest, and a tornado touches down where three of your workers are based. The same might hold true if a hurricane strikes the Florida coast, where your ...
Critical elements to consider in a contingency plan. “The feedback has to be timely, and whoever delivers the communication has to be honest and transparent,” says Greg Selke, vice president and HR value advisor for SAP SuccessFactors. And as part of any business continuity plan, he explains...
Contingency Planning: Identifying Reasons Small Business Decision-Makers Fail to PlanDisaster planningContingency managementManagement decisionsSelf-efficacyService industriesAttitudesAlthough research suggests that contingency plans (CPs) can help organizations recover from disastrous events with greater ease, most ...
Business Contingency Planning(BCP)is a way to mitigate the impact of adverse events by developing a strategy that outlines the steps teams must take in the event of a crisis. BCP is essentially the backup plan – the ‘Plan B’ that goes into action when the worst-case scenario occurs. Th...