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The examples involve both positive and negative situations, so you can see how the plan would apply to both situations. Contingency Planning Examples Contingency Planning Mistakes to Avoid Even with the best intentions, your contingency plan may get off to a bad start. Here are some common mistakes you should avoid when creating your own product. Without first gaining executive buy-in. Before you can get your team or department on board, you must gain buy-in from your executive team. Otherwise, you risk setting up a plan that is destined to fail from the start. Get their feedback on potential risks and other factors that may affect the guidelines in the plan. Gaining executive support from the start ensures approval of the proposed plan and can also motivate department-level participation. Failed to cover multiple scenarios.
When assessing potential risks and scenarios, it is important not to cut corners or slack off. Scenario planning is key to successful contingency planning. All potential risks should be considered. You can rank them by likelihood, but you should never leave out unlikely events. Otherwise, you will be vulnerable if an incident occurs. Think about how many businesses have been affected by supply chain issues during the pandemic.
Most people probably never anticipate such a disaster, but those who plan for such an obstacle are better prepared. Set it and forget it. Once your contingency plan is in place, it's easy to feel comfortable. After all, if you've done your due diligence from the beginning, you'll be prepared to handle any obstacles that come your way. Unfortunately, this is not a one-and-done process. The contingency plan should be considered a living document and updated as needed. Your business needs will change over time, and so will its obstacles and risks. Develop a Business Contingency Plan In summary, a contingency plan can help you prepare for a range of what-if scenarios, whether or not they occur.
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