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Significance of contingent plans

Whenever you start up a business, you need to create provision. Whether you are a part of a running business or initiate business, you always need to think in a number of ways. It’s free from the point of view that your business is producing products or delivering services to the customers. However, it’s compulsory to make provision for the specific contingencies. If you want to generate high profit, you will have to take high risk. And high risks always increase the ratio of loss. For that purpose, if you have maintained the provision, your business will not suffer the loss. Your business will be healthy if you go through some loss and recover that loss efficiently.

There is a huge difference between businesses that deliver services or manufacture products. But whatever be the kind of business, the main and ultimate goal is the client satisfaction. It depends upon the ability of a company. If the operations carried by the company on regular basis and following the International Standards. For the achievement of client pleasure, you need to communicate with your customers on regular basis. The reason of this practice is that in times of difficulty, the business man knows the messages and will get through them. Ultimately, the desired changes will be adopted.

Practically there are three areas which are highly being ignored by the businesses. The businesses need to pay attention to these areas to maintain operations. Even for a short period of time, if these areas will be left unattended, there would be high and real difficulty in offering customer satisfaction.

Loss of Property

As mentioned above, contingent events may demolish the building of the organization. An earthquake or tsunami can adversely affect the premises of a company. But the company need to concentrate their efforts on whatever happens in the future, the company must carry on their operations. It doesn’t matter that the pace of operations is high or low, the company must be in running condition. There should be no pause in the functioning. For example, let’s take an example. We assume that earthquake has demolished the building of an organization. Now under these circumstances, the company can rent a building and start its operations.

Data loss

The importance of data can not be ignored. Every company and organisation has its own data, on the basis of which it speculates the future plans. So as explained above, contingent events may occur. And resultantly the loss of data takes place. In order to save data, all the companies must maintain a proper back up plan. The data must be updated somewhere regularly. Nowadays its become the primary responsibility of an industry that while initiating the business activities, it creates the website where it’s data is uploaded. The reason of this practice is only that in case of emergency, the data must be available.

Internet access and communication

Nowadays the world is a global village. The reason is that communication has been become so advanced. It requires now a single click to communicate with the people living on the other corner of the world. All you need just to access the internet. And right after that, the world will be under your click. The internet has turned the whole world at one point. Hence the loss of internet leads to loss if communication.

 

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About Maryum Afzal

Maryum Afzal

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