How To Create A Contingency Plan For Your Business: Mistake No.13

Over the course of the next few episodes, I’m going to be covering some of the biggest mistakes that can be made in business and share what you can do to avoid them.  This from my book Discover 22 of Biggest Mistakes that Most Business Owners Make: and learn what you can do to avoid them which is available on Amazon on Kindle and paperback at DISCOVER 22 OF THE BIGGEST MISTAKES THAT MOST BUSINESS OWNERS MAKE: And what you can do to avoid them eBook : Roache, Lucille: Amazon.co.uk: Books.This book is based on my own experience and the research that I carried out when I was starting out in my business.  I wanted to share my experiences to help keep other people from making those same mistakes.  When I talk about mistakes, I’m talking about things to avoid or things that you should have in your business as a fundamental part of your foundation.So today’s mistake is mistake No.13 in my book and it’s all about not having a contingency plan.Firstly what is a contingency plan?  It’s a just in case plan that you have to protect you against a particular type of risk that may occur in your business.  If you don’t have one you could face financial or reputational consequences. Here are some examples which demonstrate when you would need to implement a contingency plan: Social media is a classic example.  There was a time last year when IG and FB and WhatsApp went down.  If social media is your only marketing channel to communicate with people what will you do if these channels go down? You sell T-shirts and you deliver them by Royal Mail- as part of your contingency plan you would set out what you would do in the event that you weren’t able to send things via Royal Mail because maybe there’s a strikeThis is where it’s helpful to have some standard operating procedures for your business because it helps you to get a birdseye view of your business and identify the areas in which you need to create a contingency.I also share a 3 step process for what you can do to create your own contingency plan in your business.  Some key things to understand about a contingency plan,  you don’t have to know what the risk or the threat is to mitigate against it,  your contingency just sets out what you would do if a scenario occurred.  It’s about being proactive and not reactive.Resources mentioned Buy the book Discover 22 of the Biggest Mistakes Business Owners Make: and learn what you can do to avoid them on Amazon - DISCOVER 22 OF THE BIGGEST MISTAKES THAT MOST BUSINESS OWNERS MAKE: And what you can do to avoid them eBook : Roache, Lucille: Amazon.co.uk: BooksBook your audit by going to https://www.assetbusinessconsultancy.com/audit  Connect with me:Connect with me on: Instagram at https://www.instagram.com/lucillero_ LinkedIn at htCheck out everything I offer: https://assetbusinessconsultancy.co.uk/everything-page/ Connect with me Instagram https://www.instagram.com/lucilleroache LinkedIn: http://www.linkedin.com/in/lucilleroache Feel free to DM or email me any questions you have.