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Category - Risk Management

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Don’t Forget To Plan For Contingencies
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Risk Management Planning for the Coronavirus

Don’t Forget To Plan For Contingencies

If one thing 2020 has taught us, it’s that you can’t predict the unpredictable!

Now, don’t get me wrong, I’m all about planning.

That’s why I preach about how small businesses need to prepare business plans. I write about marketing plans. If your small business was beginning to grow I’d be talking to you about strategic plans and risk management plans!

No, what I’m saying is that you must continue your planning habit and prepare your plans for your business so that you can look ahead, understand what might happen, and decide what you will do to take advantage of opportunities while mitigating the threats.

However, while you are doing this, your process needs to also understand that your plans must include contingencies.

This means identifying different, possible contingencies or scenarios.

You can certainly identify multiple scenarios and then plan for each eventuality, but I think that’s taking the attempt to recognise uncertainty a little too far!

The most practical way of planning for contingencies is to identify the most likely scenario (given what you know right now), identify a likely worst-case scenario, and identify a likely best-case scenario.

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Risk Management Planning for the Coronavirus

I know that I have only just published my usual weekly blog post, but as one of my clients said to me, “we live in interesting times.”

I wanted to quickly put out there what a small business can do in relation to risk management planning the effect of the coronavirus pandemic on their businesses.

But first, let’s get things into perspective.

Do not panic. Do not spread rumours and myths. Do not subscribe to the mob mentality that is now on display in supermarkets across the country. Get your information from trusted medical sources including government health departments and information sites.

However, in these “interesting times” it is prudent to be over-cautious in preparing for how the coronavirus can affect your business, so let’s get into what risk management planning you should be doing.

Let me give you a “checklist” of risk-mitigation procedures and strategies to implement in your small business – no need to give me your email, no need to download – here it is.

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