A CONTINGENCY PLAN FOR BUSINESS, COLLEGE & RELATIONSHIPS
We live in uncertain times where no matter how much you plan, there are some occurrences you simply cannot anticipate.
On any given day your business can face worse unexpected situations. Your relationship may suffer a huge setback, you may have issues with college, etc. When this happens, it’s normal to want to spend time worrying about what might actually be wrong. But this should not be the case.
Taking an active and initiative approach to preparing yourself for the unexpected can minimize any adverse effects. And this is where contingency planning or “Plan B”, as some would call it, come into play. Any business, college or relationship without such a plan is taking an “all or nothing” attitude to success.
SO WHAT IS A CONTINGENCY PLAN?
A contingency refers to negative occurrences that affect a business’s operation or normal life activities. A contingency plan, however, is a procedure to prepare for such unforeseen situations. It is a blueprint for dealing with rare occurrences and looking for the next opportunity. In this article, we will be considering contingency planning in three (3) different areas.
A. BUSINESS CONTINGENCY PLAN
Research has shown that most startup businesses fail in their first 5 years. Of course, the problem is usually not with the planning; as most businesses spent years planning for their business launch. However, it was the fact that they don’t plan on what next to do if things aren’t working according to plan.
Especially in today’s economy, a business offering one product/service may be in trouble if something unexpected happens. For instance, a competitor launches a stronger product or the economy dips. No matter how innovative your business plan and/or marketing is, without a contingency plan, you may be setting yourself up for failure.
A business contingency plan will establish you as a business expert. It helps ensure your business is ready for any unexpected situation.
A few Importance’s Of Contingency Planning For Business
- A contingency plan will help your business prepare for the worse and enable it to be more flexible to any unforeseen challenges
- Minimizes disruption and helps your business get back to its daily operations as fast as possible after an unexpected occurrence.
- Lowers client’s inconveniences and keeps your business running
- Prevents panic and allows for a quick recovery process.
- Helps to identify different opportunities your business can exploit.
- Boost your business reputation, insurance and credit credibility
Whatever the situation, If you have a good and reliable contingency plan, you can deal with any difficulty. You can create multiple contingency plans for your business so that different potential threats are well-researched and solutions are already available before disaster hits.
B. CONTINGENCY PLAN FOR COLLEGE
Several unexpected occurrences can adversely disrupt the activities of a college. For instance, the Covid-19 pandemic that left many schools partially or fully closed for months. During such a time, contingency planning can provide steps to maintain school operations at some level. A good contingency plan for college will ensure teaching and learning continues as effectively as possible. A contingency plan for college can be in this form:
The college can, among many other things:
1. Engage students in online teaching. Set work for them using any online teaching platform.
2. Designate its staff to respond to students’ questions about the work and to provide interim feedback
3. Monitor the academic progress of the students and provide support/reports accordingly.
The students on the other hand will be required to:
1. Have to have access to the internet.
2. Follow their usual teaching time table, so that they can plan their day accordingly
3. Complete their classwork based on the given deadline and submit it for assessment, etc.
C. CONTINGENCY PLAN FOR RELATIONSHIP
Every relationship goes through difficult times that can expose them to unnecessary risks and/or crisis. Is your marriage increasingly getting disconnected? Are you feeling increasingly abandoned and left alone? Are you putting more into the relationship but getting less in return? Having a contingency plan in this kind of a situation can save you from being left at the starting line again.
Research shows that women, in particular, derive self-worth from having contingency plans for their relationships. They understand anything can happen. So they ensure they have a solid back-up plan to avoid starting all over again should things go sour in their relationship.
Another research shows that about 50% of women engaged have a contingency plan. This is very worrisome and a wake-up call for couples, especially men. If the exciting fun you once experienced in your relationship is diminishing, then do everything to revive it. Cherish your partner and continually show that you care. Don’t wait until you are replaced with a Plan B.
GENERAL TIPS TO CREATING A GREAT CONTINGENCY PLAN
Creating a contingency plan starts with identifying your goal/functional area and considering other options for achieving these objectives. Other tips are as follows:
1. Draft your contingency plans and distribute it.
2. Create a list of firms or people you can contact in case of any issue or emergency.
3. Be ready for possible threats from competitors, and have an action plan ready should your competitor’s team up against your company.
4. Involve experts to help you draw up contingency plans. Seed advice from business experts to provide for every possible event.
5. Set goals for returning to essential operations and full normal operations.Do not wait until a disaster happens before you create a contingency plan. Make sure you put a plan in place even if there is a slim chance that you will need it.
A contingency plan is crucial to success in our modern society. If done correctly, it could mean the difference between having future regrets when disaster strikes and overcoming it. It will make it seem you haven’t had an issue unless you decide to tell anyone. If you are yet to create one, it is not too late. If it is not something you can handle by yourself, then hire an expert will be a nice idea.
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