Develop a Plan B to overcome surpriseswww.newscanada.com Small Business Tips Thursday, September 17, 2009 |
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While most entrepreneurs are optimists by nature, there are serious 'what if?' questions they should consider. These may include questions such as, what if a snowstorm halts your deliveries, a new competitor opens nearby, or the H1N1 influenza impacts your staff? Although no one likes to think negatively, financial experts note that small business owners should perform basic contingency planning, for the sake of your family, employees and clients who would be affected by an interruption of your business. "Contingency planning simply looks at the potential threats you may be exposed to and answers the question 'How would my business survive and thrive if…?" says David Wilton, Scotiabank director of small business and co-author of Get Growing, Keys to Unlocking the Potential of Your Small Business. "There are many things outside of your control, but you can control how you respond when unplanned events occur," says Wilton, who recommends developing strategies to keep your business moving during unexpected events, including plans to address key risks. In the case of the unpredictable H1N1 pandemic, you should ask yourself: Do you have plans in place if you or several employees become ill? Are there key suppliers that your business relies on? Do you have contingency plans to mitigate interruptions to those services? Having a Plan B doesn't just mean making provisions for disastrous circumstances. It also helps ensure your business is prepared for rapid growth and able to ramp up quickly to meet new demand for your product or service. Scotiabank's Wilton concludes: "Contingency planning can help protect your livelihood as well as your employees, family and customers, while also unlocking the growth potential of your small business to evolve and thrive." More details are available online at www.getgrowingforbusiness.com/unlocking. |
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