Coaching Contingency Planning
No matter what we do in business, we can never anticipate the future. The process of contingency planning is initiated by asking a series of questions about the business environment that begins with “what if”. Regardless of the how good things appear at the moment, we have to embrace Murphy’s Law that states if anything can go wrong it probably will.
Contingency planning is a formal process to manage crisis, whether inflected from an external source or an internal source. In it’s basic format, a contingency plan involves potential problem identification, prioritizing the problems in a list of most probable, and developing planned steps to limit the harm that can be inflected on the company if indeed the potential problem become real.
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