Contigency Planning

Contingency Planning in Action
                                                                        Date of presentation:

      Contingency planning is an integral part of any organization that intends to survive in the current competitive business environment. The main aim of contingency planning is make sure that a business organization is adequately prepared to respond effectively to any emergency and the potential impact it will have on its daily operation. A lot goes into coming up with a feasible contingency plan; this includes, making predetermined decisions in advance about the management of financial and human resources. It also includes communication and coordination of procedures and overall setting up a wide range of logistical and technical responses to respond in case of an emergency. Planning is the most important tool of management utilized in contingency planning and in this case it involves all sectors in order to ensure that there is timely, sufficient and effective provision in case of an emergency. To understand contingency planning one has to answer three basic questions; what will happen? What can we do about it? What can we do now to be better prepared in the future? Statistically, about forty percent of business organizations that do not have a contingency plan go out of business when a major catastrophe occurs.  
    This essay will focus on coming up with a contingency plan for a small Microfinance company that is based in New York City with its Headquarters in Manhattan and a subsidiary branch in Queens. This company is known as Seinfeld Microfinance specializes in...