I love the month of February, because it means Spring Training is just around the corner! Since I am an avid Chicago Cubs fan, the only way I can possibly feel any sort of victory by season’s end is by playing fantasy baseball. Sad, isn’t it?!
Fantasy baseball can be an arduous, time-consuming process, but fun at the same time. There are online drafts with other fantasy players, and knowing your players and the skills they bring to the table by brushing up on statistics is key in drafting the best team possible.
I won our fantasy league last year, and what helped me win was not necessarily how my starting lineup performed, but who was on the bench. I had a team full of great players that, if a starter was injured, could jump in and take their place. This backup plan saved me a lot of headaches down the road because I was prepared for the unknown arm injury and had a good replacement ready to enter the game.
So how does this relate to the business world, you might ask? What would happen to your business if it was damaged by fire, a distributor was not able to deliver parts that you use for your product, or if power was shut down for a long period of time? Things happen in life that can be outside your immediate control and when then do, a contingency plan could mean the difference between survival and closure.
Contingency plans are important when trying to keep a business up and running. In the examples above, the business could benefit from having a plan that includes use of another nearby facility, using an alternate parts vendor to keep the product line moving, or using generators to provide a temporary power supply. A contingency plan could include redeployment of personnel to another facility, using an off-premises computer server to help protect data, or making arrangements for temporary work space. Even knowing how to contact your employees after hours can be an important part of the plan. Any item that could help your business continue while the emergency is being addressed should be part of your contingency plan.
How do you create a contingency plan? Start by assembling key personnel from your company and ask how their jobs would be affected by emergency scenarios that could potentially impact your business. Use this information to build a contingency plan, and review it annually to ensure that the plan is still appropriate as personnel and operations can vary. Having an outdated plan is next to having no plan at all!
Do you have a contingency plan in place, and have you had to use it? We would like to hear from you! And as for my fantasy baseball team, having a Cubs player as my first draft pick is a must!