| When you draw up business plans, apart from | | | | unfortunate event. Otherwise, the business may |
| forecasting bottom lines and sources of | | | | get into the wrong hands owing to intestacy laws. |
| investment, you also need to work on | | | | 2) Have a central information base where you |
| contingency plans for your business. All businesses | | | | have details of ABN numbers, tax numbers, and |
| go through a rough patch occasionally, so it is | | | | contact addresses of business partners, directors, |
| best to be prepared for any contingency. This | | | | shareholders and suppliers. Also, maintain a |
| way, you will not be taken unawares by any | | | | directory of investments, business plans, insurance |
| unforeseen event. This article gives tips on how | | | | details etc. |
| to make the best contingency plans and to be | | | | 3) Leave instructions to people related to your |
| ready for all events. | | | | business so they can find relevant information |
| Contingency Plans: Simple Practices Can Prevent | | | | related to your business in case of a contingency. |
| Accidents. | | | | 4) Involve outside experts to help you draw up |
| Here are some things to keep in mind when | | | | your business contingency plans. Take the advice |
| drawing up contingency plans. | | | | of financial experts, legal advisors etc. to provide |
| 1) Have a system to ensure that daily inspections | | | | for every possible event. |
| are carried out after work hours to check that | | | | 5) Plan for loss of market; what sector you want |
| AC and lights have been switched off, no | | | | to invest in case your market stops existing. |
| electrical appliances are left running, and doors and | | | | 6) Prepare for threats from competitors, and |
| windows are shut. | | | | have a plan of action ready in case your |
| 2) Have a list of people or firms you can call up in | | | | competitors form alliances against your company. |
| case of an emergency. | | | | A contingency plan helps you tide over difficulties |
| 3) Have a good data backup system so that you | | | | in your business. It helps you prepare for loss |
| can retrieve all data you might lose due to some | | | | prevention. A contingency plan helps your business |
| emergency. | | | | recover from crime, fraud, theft, accidents, death |
| 4) Have a good idea of the location of the mains | | | | of the owner, and other difficulties. |
| switches and valves for electricity water and gas. | | | | Therefore, if you have not drawn up a |
| Ensure that your employees also know their | | | | contingency plan for your business yet, it is not |
| location. | | | | too late yet. Invest a little time and resources in |
| Contingency Plans: A Checklist; | | | | drawing up a sound contingency plan, so you do |
| Here are some things to consider when drawing | | | | not have any regrets tomorrow. You can hire a |
| up contingency plans. | | | | small business advisor to help you draw up a |
| 1) Ask your attorney to make a will that provides | | | | contingency plan that suits your business needs. |
| for the future of your business in case of any | | | | |