Business Contingency Plans

Can you be in an area or building where power supply is regular and mostly guaranteed?Is a generator something that could assist with power outages? What are some contingencies for when things go wrong?

Can you be in an area or building where power supply is regular and mostly guaranteed?Is a generator something that could assist with power outages? What are some contingencies for when things go wrong?

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Rank each risk on a scale from one to ten to identify which events could pose the biggest threat to your company, with one being least important and ten being the most important.

This is the order you should address problems as they occur.

Examples of effects include the inability to wait on customers in a retail location if the POS system breaks down or the power goes out, or the liability for customer’s personal information in the event of data theft.

While it might be unlikely, it’s possible that multiple calamities can occur at once.

The best way to do this is to have a brainstorming session on potential problems and hidden risks that could halt daily operations.

Ideas might include: Once you’ve identified the risks, detail the effects that each one could have to your business.This document/information does not constitute, and should not be considered a substitute for, legal or financial advice.Each financial situation is different, the advice provided is intended to be general.Please contact your financial or legal advisors for information specific to your situation.It’s important to have a plan of action, or contingency plan, to keep your company moving forward when unforeseeable events occur, including whether or not the company will continue when you, the business owner, leaves the company.This document will become your own personal ‘risk register’ to record potential problems, identify how serious they could be, what costs may be required, who will fix them and how.The policy statement begins the formal process of planning.Create a contingency plan or a plan of action for each risk.Each list should form a timeline so you know what to do within the first hour, the first day, and finally the first week and beyond.Will you shut up shop and go home if there’s no power? Test the plan’s effectiveness and assist your organisation to be ready for any contingency.Finally, ensure the plan is reviewed regularly to remain relevant and reflect changes as your business grows.