Young Upstarts

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Catering Carefully For Circumstance: Building A Business Contingency Plan

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It is often a great moment when the business plan and the marketing actions taken have begun to take off. The revenues increase, and the public are becoming more aware of the brand and this is reflected in a great online presence. And other companies are wanting to get into bed with you. But what happens when the opposite occurs? When you’ve spent so long implementing a marketing ploy and it doesn’t seem to take off at all? How can the business cope? Do you have a contingency plan in place? If you do, then that is great.

If you don’t, you need one. If that is the case with your business, here are a few things to think about:

Risk Management.

The first step in creating a contingency plan is to identify what are the risks involved. Make a list of what weaknesses or vulnerabilities could be in your marketing plan, and focus on items that are outside of your control. A major factor that is outside of anyone’s control is the economic market. As changes in economic conditions can impact on your customer’s decision to spend. Planning ahead and making a list of potential “what if” scenarios and risks will make you better prepared for unexpected problems that arise.

Monitor Conditions.

After understanding what can affect your business, you must then keep an eye on the conditions. So you can get an early warning if something does arise. From checking industry publications to scoping out the competition, there are methods in which you can keep your ear to the ground for prospective shifts in the market. In addition to that, examine your suppliers’ ability to meet demand to see if they can meet your standards.

Plan.

Making the plan as watertight as possible will make sure no one deviates from it. The contingency plan needs to set out action plans that occur should a certain scenario arise. Make sure that you have planned scenario responses for internal changes as well as external ones. If there are flaws in the marketing, hiring an external company such as GA Agency to help give the marketing a makeover. For an employee leaving may be the straw to break the camel’s back. If a situation like that occurs, make sure there is a suitable replacement and training programme in place to help that person get up to speed quickly.

Manage It.

Once a plan is in place, make sure that it is maintained. Overseeing the operation, or delegating it to a staff member is an essential procedure. You need to share it with the sales team and the marketing team so that they can be aware of their role in reacting and responding to threats. Other methods include implementing a contingency fund. As this reduces the risks of not meeting marketing targets in production by developing disaster recovery plans. And also ensuring availability of trained employees with succession plans. Managing the priority of tasks will also help to maintain order in the organisation.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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