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Why Contingency Planning? Importance and Benefits
Anneke Zwart, Student (University), Netherlands
Simpkins (2009) argues that Contingency Planning (CP) is probably the most important topic of an organization’s overall strategic plan. The importance of preparing for any contingencies must not be underestimated. Contingency planning takes into account other outcomes than the expected and desired outcomes. And this is exactly what makes CP important.
Indeed, the world of today and its business environment is changing at fast pace. Every organizaton has to deal with continuous and fast changing internal and external environmental dynamics. Important changes today are technological changes, globalization, market transformations, democracy and more. Successful leaders should consider and prepare for those possible changes. Contingency planning enables leaders to mitigate the negative consequences of those transformations on their organizations.
Furthermore, CP makes leaders aware of and adapt to changes in consumers’ preferences. Every pr... Register
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