Contingency is an unexpected situation for which special contingency plan is prepared. This plan is a set of backup procedures, emergency responses and post disaster recovery. It will include list of concerned members, list of activities to be performed, list of resources, arrangement of finances etc. A contingency plan format may be drafted for an ongoing project or business. It is somewhat similar to a risk management plan template. Every business should have a contingency plan to ensure its long life.
A contingency plan may prepare for tackling with unexpected situations. In simple words we can say that this plan will especially prepared by company as a set with full of backup procedures. Yes! We can also call it as an emergency plan Template which assists the company or individuals to take quick responses. This plan may work just like a risk management plan which essentially required by businesses those working on limited funds. So, contingency plan will allow business to make counter policies.
This plan may also have strong impact on business strategies. While making a strategy for business you may also need to evaluate the strengths and weaknesses of a proposed business strategy that for sure will provide an edge to establish a niche in market & sustain the growth during the recovery of post disaster. Any business that wants to ensure its long life need to draw a contingency plan template which covers number of areas, just like; anticipating business risks, possible impacts, mobility of business strategies, seizing business opportunities, developing mitigation, etc.
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