Contingency Planning / Meeting Notes August 2019

Location: Bogey’s Grillhouse, Grimsby

Attendees: Janet, Angela, Jan, Salma, Cathy (guest)

Announcements

Upcoming Events

September 13 – “Work on Your Business” Day – in Hamilton or virtual, whatever works for you
September 17 –  meeting in Burlington – Working with a Coach
October 15 – meeting in Hamilton – Losing a Big Client
November 19 – Holiday Social
December 17 – webinar – LinkedIn presentation by Salma

Discussion: Contingency Planning

You probably make arrangements for your business to carry on when you go on vacation, whether you contract someone to fill in for you or make yourself available to select clients. But what do you do when the unexpected happens?

Potential Scenarios

• A family member who lives with you is sick and needs attention.
• A family member who doesn’t live with you – maybe even out of town – is sick and needs attention.
• Your power or internet service goes out.
• You are sick.
• You are critically ill.
• There is a fire in your home office.
• You are unconconscious.
• You are dead.

Hopefully none of these things will happen, but you can reduce the impact of any situations that arise by having plans in place.

What is a contingency plan?

A contingency plan is a document that outlines what needs to happen in the event of an unexpected interruption to your business. It should be kept up-to-date and its existence made known to one or two trusted individuals who will carry out the instructions if needed.

Jan and I attended a webinar conducted by Yvonne Weld on this topic many years ago. At the time, Yvonne had a binder which listed all her client contacts, which her husband and best friend each knew about. These days it would be more practical to maintain a Google doc and share it with someone. That would allow you to easily keep it up-to-date and eliminate for the need for the person to access your home to get it.

What should go into the contingency plan?

At a bare minimum, your contingency plan should provide a list of key contacts who will need to be notified in the event that you’re out of commission. You might even wish to draft a sample email to be used.

At the other end of the scale, one of my clients has a formal Business Continuity Plan which lists contact information for all team members and suppliers, along with details as to what is to happen in the event of specific emergencies. I will find out whether I can share her template if I remove all the confidential information.

In between, your plan might include detailed procedures of your regular tasks so that someone else can step in if needed. Another option is to list other qualified professionals who can take over the work if you’ll be out of commission for a long time.

Don’t be afraid to create a plan because it sounds like a lot of work. A simple list of contacts is better than nothing at all! You can always expand your plan as your business grows.

Key Takeaways

Whatever form your plan takes, keep the following in mind:

1. Choose someone you trust to carry out your plan if you’re unable to do it yourself. Your partner may seem ideal, especially if they work with you in your business, but be sure to have a backup person in case the emergency affects both of you. Your accountability partner is another good choice. (If you don’t have one yet but would like one, reach out to another member, or send me an email. It’s a great benefit of being a GHVA member!)
2. Make sure your designated person is aware of your contingency plan and knows how to access it.
3. Make sure your family or emergency contact knows to notify your designated person if necessary.
4. Keep your plan updated to ensure that the correct people are notified of the situation.

Resources:

• Independent Contractors: How to Develop a Contingency Plan by Julie Radachy
• Contingency Planning for Your Freelance Business by Philippa Hammond

The recording of Yvonne’s webinar may be available through CAVA or VANetworking if you’re a paying member. Yvonne also published a book, The Ultimate Guide to Creating a Thriving Business, which covers this subject.

If you missed the meeting (or if I didn’t include your input), feel free to add your two cents worth in the comments!