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Contingency Planning is a methodical and systematic process for preparing for and developing a course of action in the face of unexpected events that can adversely impact your business.
The first step in Contingency Planning is to conduct a risk analysis, which includes identifying all of the risks potentially confronting your organization and analyzing the consequences of each. Important areas of risk to include in the analysis would be natural disasters, cyberattacks or other forms of data loss, product recalls, workplace injuries or accidents, and personnel issues, such as dangerous employees or the loss of senior leadership. Once the risk analysis is completed, it is necessary to prioritize the risks by elevating the ones that are most probable and disruptive and creating contingency plans for those first. In Contingency Planning, it is important to have different options for different scenarios, and to address several critical matters, including what level of business operations are possible to maintain, what the trigger points will be to implement the contingency plan, what the step-by-step procedures are across time intervals (first hour, day, week, etc.), as well as defining the point at which you will be able to return to normal operations. Once the plans have been developed, it is necessary to communicate and distribute the plans across the organization, train staff in implementation and rehearse the responses, as well as maintaining and updating the plan on a continuous basis. Note, these are just a few of the considerations that must be taken into account in Contingency Planning.
Specific tools used to create Contingency Plans typically include a risk analysis probability chart that maps the impact of risk on the x-axis and the probability of occurrence on the y-axis for each risk. Those that have the highest impact and likelihood of occurrence would comprise your top priorities for developing Contingency Plans.
Unlike most traditional Contingency Planning techniques, upBOARD’s online Contingency Planning collaboration tools allow any team or organization to instantly begin working with our web templates and input forms. Our digital platform goes far beyond other software tools by including progress dashboards, data integration from existing documents or other SaaS software, elegant intuitive designs, and full access on any desktop or mobile device.
Learn more about upBOARD’s portfolio of other business strategy best practice tools and templates, including:
2 X 2 Matrix, ADL Matrix, Affinity Diagrams, Baker’s 4 Strategies of Influence, Balanced Scorecard, Benchmarking, Blue Ocean Strategy, Bowman Strategy Clock, Build-Measure-Learn Feedback Loop, Business Model Canvas, CAGE Distance Framework, Competitive Analysis, Competitive Landscape Analysis, Contingency Planning, Core Competence Analysis, Critical Success Factors, Discovery Driven Planning, Economic Value Added, First Mover Advantage, Five Forces Model, Force Field Analysis, Gap Analysis, GE McKinsey 9-Box Matrix, Go To Market Strategy, Hambrick & Frederickson’s Strategy Diamond, Hedgehog Model, Hook Model of Behavioral Design, Hoshin Planning System, Kay’s Distinctive Capabilities Framework, Key Outcome Indicators, Kotler’s Five Product Levels Model, Kotler’s Pricing Strategies, Lafley & Martin’s Five Step Strategy Model, McKinsey 7S Model, McKinsey’s Seven Degrees of Freedom for Growth, Mergers & Acquisitions, Mission Statements, Mullin’s Seven Domains Model, OGSM Framework, Ohmae’s 3-C’s Model, Partner Relationship Management, PEST Analysis, PESTLE Analysis, Porter’s Diamond, Portfolio Management, Purpose Statements, Pyramid of Purpose, Scenario Planning, Simonson & Rosen’s Influence Mix, SMART Performance Metrics, SMARTER Goals, SOAR, Strategic Goals, Strategy Map, Strategy Roadmap, Strategy Uncertainty Map, SWOT Analysis, TOWS Matrix, Triple Bottom Line, USP Analysis, Value Chain Analysis, Value Disciplines Model, Value Net Model, Values Statement, Vision Statements, VRIO Analysis, and Weisbord’s Six-Box Model.