Even if your small business is running smoothly at the moment, it’s important to be prepared in case something unexpected and out of your control goes wrong. With a business contingency plan in place, you know exactly what to do when disaster strikes. For example, when the computer system at your business breaks down, you know who to contact right away to get the computer system up and running.
To create a business contingency plan for your small business, take the following steps:
Identify all the risks with your small business. These include risks related to hardware failure, vendors going out of business and core staff leaving the company.
Determine the impacts these risks have on your business.
For each risk, write down the steps of what to do when it happens. For example, determine who to contact in case of hardware failure.