Why are contingency strategies important

This is your strategy or direction the company will follow in it's onward progress.

Plan how you wish the company to go forward , how you will go about acomplishing this and you have your contingency plan.

Sit down and ask yourself "Where should the company be in 5 years, 10 years, 15 years."

Now how do I accomplish this? What steps do I take to make it happen. This is your plan.

It is important because if you do no look ahead to the needs and wants of the company, if you do not set goals than you do not have a clear path to follow for the future growth and expansion of your company.


Shirley

I agree, this is your business plan, and contingency strategies allow you to be ready for any changes and/or adjustments that may be necessary as you work your business plan. These strategies may be internal or may come from external sources that may necessitate change and you are ready with your flexible plan/s.

Stringer