In an organization, a contingency plan is considered to be the plan- B as it is kept for the time when the circumstances arise in which required changes are needed. It is actually designed as a boon for the organization at the time of help. It is made as a security for the unknown future events so that when such situations arise then there is no panic around and everything can be handled easily.
It is extremely mandatory for a company to develop such plans. Here are seven important steps which will help you make a perfect contingency plan.