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Is the risk of a major or minor impact, and is it preventable?As an example, it may be a simple as: if there’s a situation with no electricity, what can you do?
Unfortunately, you’ve probably experienced the need for a Plan B at some stage in your life, or even wondered if all those other letters in the alphabet might get a run as well.
As a business owner, what can you do when things don’t go quite according to plan?
The following table explains how the business may be affected by your sudden death.
If you are the main force behind sales in your company, your death may mean the immediate loss of sales, and possibly the end of the business.
Tip: You should also have a disaster recovery plan in place for dealing with data and records recovery in the event of a fire, an earthquake, a flood, or other disaster, and for alternate suppliers should something happen to a major trading partner.
A proactive contingency plan can mean the difference between the survival and the failure of your business after your death.
This will evaluate the true level of risk to your business so you are able to properly manage it.
Next, identify which systems are critical to supporting your business function.
The more aspects of the business that you directly control, the more critical a contingency plan may be for your successors.
Your contingency plan should map out plans for management and core operations.