FREE 10+ Online Business Contingency Plan Samples in MS Word | Google Docs | Apple Pages | PDF

Suddenly hackers have compromised online banking activities, or perhaps there is a major disruption in the supply chain, all these are unforeseen events that are most likely to happen one way or another. And its impact can create catastrophic effects on any kind of business which is why companies are encouraged to make plans to anticipate the worst. Online businesses which have been increasingly popular in recent years are not exempted from any kind of risks which can disrupt business operations. That being said, it is important that entrepreneurs think of various initiatives to protect their online or e-commerce businesses by preparing an online business contingency plan. Learn and read more about this below and if you need any help developing a contingency plan check out our free online business contingency plan all ready for download.

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What Is an Online Business Contingency Plan?

A business contingency plan is a set of initiatives a company must undertake to make sure they are able to continue with their business operations in case an unforeseen event happens. Any kind of business is vulnerable to different types of risks. And this rings true for online businesses or those in the e-commerce industry. Presently, a lot of companies have chosen to go online and conduct their business using the internet which a lot of customers now prefer because of its convenience. As an online business entrepreneur, you must be able to understand the risk of conducting business online. Perhaps you may wonder if natural disasters may cause any significant damage to your business, then the answer is yes. You in fact may not have a physical store, but natural disasters can create a chain of destruction which does affect a lot of business. That being said, it is important for entrepreneurs to develop an online business contingency plan or sometimes called a business continuity plan, to help divert the risk of permanently closing the company.

How To Develop an Online Business Contingency Plan?

Any sort of crisis often occurs when we all least expect it. When you think about it, a lot of things can affect an online business from natural disasters, economic factors, pandemics, online hacking, or simply when something unfortunate happens to the business owner. The risk is everywhere and without an able business contingency plan, management is left with little choice but to shut down. So aside from your business plans, it has become vital for e-commerce companies to prepare their very own online business contingency plan. To get you started with your planning, here are several tips that can help you develop an effective contingency plan.

1. Risk Assessment

In order to develop solutions, you need to first understand what sort of problems or risks should your company anticipate. What are you most vulnerable of which can affect your online business? By conducting the proper risk assessment, you will be able to determine the different risks which can endanger your company and then move forward towards the next step.

2. Impact Analysis

When there is a risk, there are consequences or outcomes. Now that you are able to identify the risks or unforeseen events, the next part is to determine what sort of impact will it bring about to your business. That being said, this will help you come up with better plans to address these issues. For example, you are able to determine what resources should you need to allocate in case there is a problem with the supply chain, or if hackers have compromised the bank where your funds have been stored. An impact analysis will help you come up with better solutions in terms of operations and finances.

3. Delegate Staff

Have a list of dedicated staff who will be able to work in cases something eventful happens. Back-ups are needed in case someone else is unable to fulfill that role. Perhaps a responsible employee who you trust will check on emails and continue to run the website. All these will ensure the continuity of the operations. So, it is important to properly communicate your plans with your employees.

4. Create a Manual for All Operations

Aside from properly training your employees, it would be beneficial to create a sort of manual that will help the remaining members of the team continue with the operations. Such a manual will contain a step-by-step procedure on what to do in case of a crisis.

5. Data Back-Up

Conducting business online would mean you have several files on the internet and the risk of losing all these files is quite evident. It is important that you are able to develop a data backup plan that will protect all your files.

6. Emergency Funds

In some cases, crisis and emergencies would always entail costs that you will need to cover as you are trying to ensure you and your team can continue to operate normally. With that, it is important to set aside funds in your budget plans for unforeseen events that will affect your business operations.

7. Continue Updating Your Contingency Plan

Conducting business online can pose a number of new threats as technology continue to advance. So, it is important for you to keep track, research, and be aware. You will need to keep monitoring your surroundings and then update your contingency plan to come up with the right initiatives to make sure you are able to continue your online business normally.

FAQs

We all dread experiencing any sort of business-related crisis, so being prepared is the only way to help ensure that you are able to continue working and running your online business. Do not delay working on that online business contingency plan, as anything can happen anytime or anywhere.