History[ edit ] Business ethics reflect the norms of each historical period. As time passes, norms evolve, causing accepted behaviors to become objectionable.
Many businesses do not even consider a contingency plan or realize the option exists and is a sound practice. Creating a plan is most often overlooked or forgotten when times are good and business is booming.
Unfortunately, it does not take much to completely turn things around. One technical mishap that crashes a server, a missed delivery or a major project that goes unpaid can turn a business upside down in a hurry.
Contingency planning is the process of building a procedure to prepare for the absolute worst. When things go wrong, the plan is there to salvage your business and provide an opportunity to get things back on track again.
Most contingency situations are out of your control, and in many cases cannot be seen coming in advance. You can create contingency plans to respond to the failure of elements that are within your immediate control, but that effort is better served in solving those issues upfront to ensure the business is operating smoothly.
The uncontrollable, however, requires a plan to bail yourself out and pull the business back above water. Types of Contingency Planning They exact type of contingency plan you create should depend on the type of business and the location.
For example, a business located in a hurricane zone should add flood insurance and hurricane damage recovery to its plan. The plan itself is essentially a detailed sequence of steps and processes that will be used in worst-case scenarios.
You can make a plan for natural disasters, financial shortfalls and market crashes, temporary inflation of material or labor prices, and so on. The most basic plan will cover the financial and material aspects of the business.
An in-depth plan pinpoints areas of the business that are first in line for cuts, where employees can be eliminated and where costs can be drastically reduced to save expenses immediately while entering a rebuilding phase. What if the market crashes?
What if there is a labor shortage?
What if the client does not pay? What if our system goes down unexpectedly? What if we get hacked? Ask yourself every possible "What if? Creating a contingency plan takes time and some deep thought.
The process should be limited to the owners and upper-level decision makers.If identified and used correctly, intellectual property (IP) can be a small business’s most valuable asset.
A Sample Intellectual Property Management Business Plan Template Industry Overview Businesses in the intellectual property management services industry help corporations, businesses and individuals manage their assets such as patents, trademarks, brand names and franchise agreements for a licensing fee which is paid to the asset holder.
Intellectual Property Business Plan. Companies that deal with intellectual property services can better manage inventions, patents and new products with this free, printable business plan.
Each free business plan template is available in Microsoft Word (DOC) format, and many of the Business Plan Forms are available in Excel (XLS) format as.
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