We have all spent enough time in business to know that Murphy’s Law happens. The unexpected often hits at the most inopportune times, derailing your plans while the organization drops other priorities to address the issue. These impacts can be minimized through proactive contingency planning. At Anavo Growth Partners, we believe that contingency planning is one of the key cornerstones for resilience and keeping your business on a path to success.
Recognize and Prepare: The first step in overcoming obstacles is recognizing them before they occur. By summarizing and anticipating potential risks, you can stay one step ahead and ensure your team remains focused on solutions rather than problems.
Prioritize the Risks: Once you and your team have summarized the risks, evaluate which ones are significant enough to warrant developing a contingency plan. At Anavo we recommend prioritizing the risks based on 1) the likelihood of the risk occurring and 2) the severity of its implications. To make this easy, you can use a 1 to 10 scale to quickly rank and sort the importance of the risks.
Strategic Contingency Plans: Then work with your team to develop contingency plans for the leading risks so that you are prepared to minimize disruptions. The plans should include:
Strategies to mitigate the leading risks before they occur
Contingency plans with clear actions to address key risks that do occur
Have an owner responsible for leading the efforts for each risk
Assign clear roles and responsibilities for the actions in the contingency plans
File the plans in a folder that all key leaders can access
Set a recurring date to review and adjust plans
At Anavo, our mission is to ignite businesses and transform the lives of those who work there. We accomplish this through high-growth strategies and by equipping leaders and employees to thrive in their roles. Our expert consultants are here to guide you through every step, ensuring your team is prepared and confident in the face of any challenge. We would love to learn more about you and your business, so feel free to reach out to us to learn more.
Anavo - means "to light up," "ignite," or "rekindle." It can also convey the sense of setting something in motion or bringing it to life, much like lighting a fire. The term is often associated with energy, renewal, and inspiration, making it a powerful metaphor for transformation and growth.
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