Big or small, there are a number of events that can massively interrupt your day-to-day operations. Whether your biggest client goes to a competitor or a significant portion of your staff gets sick simultaneously, so many circumstances can disrupt your business or even shut it down; this is where a contingency plan comes in.
We’ll give you an overview of business contingency plans to ensure you know what they are and how they can help your business survive and thrive.
Defining a business contingency plan
A concise and comprehensive contingency plan can mean the difference between your business shutting down or surviving. It outlines how you’ll keep your business up and operating in the event of a big technical problem, natural disaster or another unforeseen minor or significant disruption.
Generally, a contingency plan should identify potential risks and pinpoint solutions for your employee and staff. This protects your employees’ safety and health and minimises impact on operations.
How to write a business contingency plan
There are a few key factors to consider, but the following are great places to start preparing your business for interruptions.
- Identify risks to the business — Consider possible risks your business could face, including sudden fluctuations in personnel or revenue, natural disasters or physical or digital security threats.
- Prioritise the potential risks — Spend resources and time preparing for events that are more likely to occur than ones that are less likely to happen.
- Develop your contingency plan — Once you have your list, devise a plan to minimise risks. Include a step-by-step guide with visuals that outlines what to do to keep the business functional. Finally, include contact information with a list of key people you need to contact to activate this plan.
- Maintain your plan — Frequently review the plan and make sure you account for any technological, operational or personnel changes when you do so. Also, periodically review this plan with your staff to ensure everyone knows their part.
MicroRentals can help support your business plan
Now that we’ve given you an overview of business contingency plans, we encourage you to reach out and contact us if you need tech rentals to fulfil it. Don’t get stuck with inadequate tech in an emergency. Instead, allow MicroRentals to keep your business operation at high efficiency.