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Contingency planning allows a company to respond quickly when unexpected events occur. These can include both positive and negative factors that may influence the business. A savvy entrepreneur knows that having a plan ahead of time can save wasted resources and labor costs when unforeseen events arise.
Positive contingency plans give the company flexibility if things go better than planned. A small company with a sudden influx of orders needs to quickly increase its productivity to account for the higher demand. Plans for this situation may involve the addition of temporary workers or rental of a nearby facility for extra storage.
Contingency plans for negative situations are equally important. Many business owners work with multiple vendors in case one of their suppliers goes out of business or runs short on a very popular item. Should market forces change or a product suddenly fall out of favor with customers, a contingency plan to add other merchandise or employ different marketing techniques can save a business from failure.
Markets constantly change, and small business owners must strive to keep ahead of these changes and how they affect a company. Business.com is a great source for the latest information on contingency planning and other business resources.