By Richard Okolo
Every company should have a plan that addresses extenuating circumstances beyond it’s control. Profitability is very dependent on the extra effort(s) of all employees and critical to overall longevity. Each percentage of extra effort extend by a company adds value and offsets contingent adjustments. Losing that last portion of effort may cause a firm to resort to unconventional methods of problem solving, which can be more of an expense to any business.
Specifically, unanticipated operating circumstances usually affect “human capital” the most. Management should take into consideration how operations would continue to without a specific employee or piece of equipment — both temporarily or on a long-term basis. Having in place contingency plans can save any company substantial expenditures.
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