Life happens: from unexpected events to natural disasters. I’m talking about those situations and circumstances that occur in your life, are totally beyond your control, and leave you feeling like life is coming at you fast. And on top of life happening, you still have a business to run.
It happens to the best of entrepreneurs and it’s called LIFE. But never fret because a good contingency plan is all you need to ensure your business can and will survive even the worst of circumstances.
So What Exactly is a Contingency Plan?
“A contingency plan is a plan devised for a specific situation when things could go wrong. Contingency plans are often devised by governments or businesses who want to be prepared for anything that could happen.” – Wikipedia 
Key Points to Consider
Although no 2 contingency plans are alike there are several key points to consider when creating the right one for your business.
- Conduct scheduled back-ups of critical data on all computers & electronic devices and keep files offsite.
- Be sure to check back-ups periodically and make sure they are complete.
- Make copies of important paperwork & keep offsite (client contracts and information).
- Keep legal documents offsite (safe deposit box where you do your business banking).
- Make sure your partners/vendors have contingency plans in place because a disaster for them could also mean a disaster for you.
- Check with your insurance agent on business interruption insurance & record reconstruction.
- Review and automate all internal systems and processes where possible.
A Few Questions to Ask Yourself as You Develop Your Contingency Plan
- What would you do if you lost power at your office?
- What would you do if you lost use of your phone lines at your office?
- What would you do if you could not occupy your office?
- How would you continue to sell and deliver your product/service?
- How would you reach your clients, partners, and vendors?
- How would your clients, partners, and vendors reach you?
- What would happen to your business, clients, and partners/vendors should you decide to sell or close your business?
When developing your contingency plan think about every aspect of your business that would be impacted in the event of a disaster or an unexpected turn of events and start from there. Consider the key points and questions listed above then write your answers down. You now have a good starting point for developing a contingency plan that will keep your business running smooth when life comes at you fast!
Need help developing a contingency plan for your particular business or industry? Contact me  today for a free consultation.
About the Author:
Katrina Chesney is Founder & President of Portable Hands , a Virtual Assistance firm that provides leverage for small businesses.