The Importance of Having a Contingency Plan for Your Business

In this episode, the hosts discuss the importance of having a contingency plan for your business. They explore both internal and external contingencies and provide examples of potential disruptions. The conversation emphasizes the need to protect your business and loved ones through insurance and proper planning. They also highlight the importance of identifying external factors that could impact your business and developing alternative strategies. The hosts share personal experiences, including the impact of COVID-19 and the benefits of having an emergency fund. They conclude by encouraging entrepreneurs to anticipate potential challenges and build plans to mitigate them.

Takeaways

• Having a contingency plan is crucial for business success.
• Internal contingencies include personal illness, death, or the loss of key employees or partners.
• External contingencies involve factors outside of your control, such as changes in technology or location.
• Building an emergency fund and having insurance coverage can provide financial security during disruptions.
• Reacting from a position of strength and continuing to invest in your business during challenging times can lead to long-term success.

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Flying High Agility & Dog Training
Helping people & their pets since 2003. We come to you!

Dempsey, Weiss & Associates
Meeting the insurance and financial needs of business owners & individuals in NJ & PA since 1989.

J. Faith Hair Studio
Located in south NJ, J Faith Hair Studio is the place to go to become the best version of yourself.

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Jennifer Faith Dempsey has been in the beauty industry for over 10 years. For the last 5m years, she has owned J. Faith Hair Studio. She brings her experience on how she balances entrepreneurship and motherhood. Check out Jen’s blog.

Staci Joy Dempsey is an insurance agent, a mom, and a busy non-profit volunteer. She truly understands what it means to be an entrepreneur. Staci serves as the podcast's host.

Jack Dempsey is the dad who heads up this busy family. He is a founding partner in Dempsey, Weiss & Associates, an Elmer, NJ-based insurance and investment firm that began more than 30 years ago.