It’s common knowledge that having a business plan is helpful, if not essential, in running a successful business. But savvy business owners know that having backup plans to address anticipated or unexpected contingencies is just as important. Understand how contingency planning operates and what matters you should address so that you’ll be prepared to handle a recession if it should happen. How plans B and C work The concept of contingency planning is nicely illustrated by HUD’s approach to winter planning back when COVID-19 was a serious issue. Plan A covered the usual or normal projected needs of communities for the […]
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