| ngency plans are absolutely critical for first year | | | | are mergers or alliances in your industry have you |
| business success. A contingency plan is what will | | | | thought of how your business can react and stay |
| help you deal with the curve balls that get thrown | | | | alive? |
| at you. Despite your best research and planning, | | | | A thorough contingency plan address 15 - 20 |
| you will encounter surprises: good and bad. | | | | reasonable possibilities that could affect your ability |
| When you start your contingency plan you need | | | | to remain profitable. These are things that are |
| to list out anything you can think of that will either | | | | outside of your control that you must react to. |
| positively or negatively impact your business. | | | | Your contingency plan only needs to cover a |
| There are a number of things that you should | | | | one-year time horizon but it should be revised |
| consider for your contingency plan including: | | | | often. |
| Concentrating on a niche - what contingency plan | | | | The Bottom Line On Contingency Plans |
| can you put in place if your niche dries up or turns | | | | You don't want to be caught without a |
| out to be unable to support your business? | | | | contingency plan. Things happen - some positive, |
| Labor market issues - do you need a contingency | | | | some negative. Your ability to weather the ups |
| plan for a lack of availability of contract workers | | | | and downs of your business will depend heavily on |
| or employees? | | | | the thought and time you put into your |
| General comfort with ASP software - if clients | | | | contingency plan. Your ability to deal with the |
| don't need the services you provide, are you able | | | | unexpected is what will keep you on track for |
| to branch into different service markets? | | | | success, or derail you completely. |
| Strategic alliances between competitors - if there | | | | |