CONTINGENCY PLANNING
by NHKC Capital Resources™
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Contingency Planning
What will you do if things don't work out? Do you have a contingency plan? Explain what happens if things go wrong:
Try to predict the problems that might come up. Think of internal problems first, like losing a key person, funding falls through, some portion of the plan falls apart. Then think about external problem, such as the entry of a new competitor, changes in technology, price wars, or difficulty getting product. Contingency planning encourages you to think about the challenges ahead and consider alternatives. The objective is to avoid or minimize the negative impact on your marketing plan, and keep you ahead of these changes. Review the threats you identified in your SWOT analysis. What would you do if one or more of those threats became a reality? You may want to imagine a "worst case" scenario, and then describe what strategic options you might pursue in that case. Speculate by assigning a percent probability that this might happen with each situation.effective Well, that's it you did it! If you want more free personal development tutorials and resources visit our knowledge center: Free Knowledge Information and Resources
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