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A contingency plan is also known as Plan B or the disaster recovery plan or the worst-case scenario plan or simply as a backup plan.A contingency plan is developed to ensure the continuity of business operations, to help an organization recover from disaster, manage organizational risks and to ensure that damage or injury to personnel and property is effectively contained.
Importantly, each of these steps is simple and completely doable. The whole process should take no more than an hour of your time.
I commonly see perfectly viable startups that are simply unable to function due to a lack of cash flow.
For businesses in the earliest stages, funding streams are often not available, which gives them little choice but to fold. Many of these businesses would be perfectly viable, but they are simply suffering from financial management issues.
There are a limited number of risks that could lead to failure.
In fact, the risks are usually relatively easy to foresee, even if you’ve yet to launch.