A Good Contingency Plan Can Save Your Business from Failing
Most business managers are well versed in dealing with a crisis situation that can occur on a day to day basis.
Unfortunately, many of these same managers don’t often consider creating a contingency plan in the event of a major disaster. This can vary from the sudden death of a key employee to having your whole building devastated by a natural disaster such as from a tornado, a fire or similar catastrophe.
This can happen anywhere and at any time as you see from your nightly broadcasts. It is a sad statistic that nearly as many as these 25% of these businesses that have been at the wrong end of a disaster never reopen again.
A good contingency plan can address many of the problems that can cause irreparable harm to your business.
The best way to develop a contingency plan is to consider the various possible types of damage scenarios that can impact your business, ranging from minor inconveniences such as strikes, equipment breakdown, to the most serious losses such as the complete destruction of your business premise.
In the situation of the death of a key employee who is vital for your business success and survival, you will want to have appropriate key man life insurance in place on your most valuable executives and personnel. Alternatively, you might to begin grooming other employees to fill in and take over for example.
In the case of the most extreme scenario, it is vital that you have your extremely valuable IT services backed-up and located in servers at least 50 plus miles away from your current physical location.
Another contingency possibility where temporary building/office premises aren’t immediately available, it would be possible for many of your employees to telecommute. But, that can only happen if you have a plan in place!
Following a major disaster, your employees won’t know what to do and how to connect with you if you don’t have an established contingency plan. As a business owner or manager, you must be able to consider alternative suppliers, transportation scenarios, and consider and plan for a whole host of other strategic business issues to keep your business afloat or get restarted as soon as possible.
This requires careful and detailed planning using the input of your essential personnel to develop an effective contingency plan to avoid falling in the failed business statistic category when a major disaster occurs.
Need help in developing a viable contingency plan for your particular business? Contact VBS today, as we specialize in IT contingency business plans, so call us at 403-215-8070 or email us at firstname.lastname@example.org today. Protect you business before it’s too late!