In the ‘unlikely event’… fill in the blanks. It’s great to be positive when stepping into your dream world and dream business. However, what if everything does not line up; what if rain falls every day for a predictable ‘dry season month; what if all workers catch a virus simultaneously; what if the contractor does not get that ‘sure funding or deposit’ for the job you started? Do you have a contingency plan?
A contingency plan is not a ‘doom and gloom negative vibe’ on a great opportunity. Its a course of action prepared in advance for a quick response when needed. It’s the proverbial ‘plan B’, and can have multiple options based on circumstances.
Contingency planning is a part of risk management and in business is a necessary part of your sustainable business operations. Your strategic response to risks in your business can cover all areas from faulty product shipment to low employee turnout during peak periods or anything which causes major disruption to business stability. The adaptation and pivot for businesses during the ‘unlikely event’ such as ‘SARS H1N1 or Covid 19’ pandemics was at the extreme end of the risk spectrum, but for some, maybe not as impossible to happen.
As an entrepreneur the way you look at your business viability and sustainability is based on your long term goals, and therefore understanding the possible risks associated with market and industry is prudent. How do you plan to keep going or stay afloat during the challenges that will come? Avoiding the unpredictable or unexpected does not mean ‘the possibility’ will not happen, and ‘crossing that bridge when/if you meet it’ can mean closing your business or bankruptcy. Do you have a contingency plan on standby for your business risks?
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