Business Contingency Plan Definition

Business Contingency Plan Definition-9
It’s important to pinpoint operational essentials like equipment, connectivity, records, and even key stakeholders so you can prepare a thoughtful action plan.Identifying suppliers, vendors and facilities early on in the process can help keep your business running when provisions fall through.

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But when you’re busy handling emergency situations, your team needs to know how to stand on their own.

Identify employees’ abilities, and delegate responsibilities accordingly.

Assign who will have access to documents to act upon and define roles for specific events like cyber attacks and evacuations.

Creating a step-by-step plan of action will help set expectations and provide clarity in an event of a disaster.

Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.

A., and the chief financial officer of five national banks during his 45 year career.Even companies with a planning rhythm often only plan for what they expect to happen and the business they expect to deliver. In business, you need to prepare for surprises in the marketplace by having a robust, proactive and continuous contingency planning process. Keep in mind, contingency planning is not limited to designing new products and services.In our experience, life (and business) is “like a box of chocolates”, you really can’t be sure what you’re going to get next! By business contingency planning, we mean a proactive process of planning for both the short-term and long-term security of your company. It may be that some level of growth can be achieved through suitable acquisitions.As a business owner, you have a lot of control over your financial health.Committing to best business practices can ensure positive growth and prosperity.Putting plans in place provides reassurance, and can save your business in the case of a sudden crisis.If you have any questions or concerns about potential risks and how to plan for them, make sure to talk to trusted advisors (Ed Lette is Founder, Vice Chairman of the Board of Directors at Business Bank of Texas.It’s wise to check back every six months or so to go over the details in your plan.Benjamin Franklin once said, “by failing to prepare, you are preparing to fail.” An investment in planning today protects your business investment and livelihood for years to come.That’s why it’s important to have a comprehensive contingency plan in place to limit the risk of financial loss.A financial contingency plan refers to your course of action in times of financial crisis.

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