Business Contingency Plan Definition

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It’s wise to check back every six months or so to go over the details in your plan.

Benjamin Franklin once said, “by failing to prepare, you are preparing to fail.” An investment in planning today protects your business investment and livelihood for years to come.

In times of innovation, economic shifts and workforce changes, business models and structure will continue to transform over time.

This means it’s crucial to review and update the process in your plan regularly to account for any new policies, economic factors, or other issues relating to your business.

Even companies with a planning rhythm often only plan for what they expect to happen and the business they expect to deliver. In business, you need to prepare for surprises in the marketplace by having a robust, proactive and continuous contingency planning process. Keep in mind, contingency planning is not limited to designing new products and services.

In our experience, life (and business) is “like a box of chocolates”, you really can’t be sure what you’re going to get next! By business contingency planning, we mean a proactive process of planning for both the short-term and long-term security of your company. It may be that some level of growth can be achieved through suitable acquisitions.Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.Too many organizations get into trouble because they don’t have a proper planning structure.Assign who will have access to documents to act upon and define roles for specific events like cyber attacks and evacuations.Creating a step-by-step plan of action will help set expectations and provide clarity in an event of a disaster.Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career.It’s important to pinpoint operational essentials like equipment, connectivity, records, and even key stakeholders so you can prepare a thoughtful action plan.Identifying suppliers, vendors and facilities early on in the process can help keep your business running when provisions fall through.Decide what is absolutely necessary to continue business operations, and ensure those resources will be available when you need them.As the business owner, your team looks to you for leadership and management.