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Putting a simple financial contingency plan in place can give businesses in this situation the lifeline they need. For example, they may generate a revenue but have falling profit margins, or have issues with chronic late payments due to the lack of an effective collections procedure.
For example, what would happen if a key customer went elsewhere, or if an important team member left the business?
With the right planning, as long as there’s demand for the products or services you offer, it is possible for a business to survive any kind of risk.
If you’re pre-launch or have only recently gone to market, a contingency plan is likely to be the last thing on your mind; after all, your efforts are focused on making your business a success, and not necessarily thinking about what could go wrong.
But unexpected situations can interrupt the launch of a business and disrupt normal operations.
Equally, there may be less essential members of staff you could let go if the business was struggling financially.
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Remember, it will almost certainly be easier to think through your bottom-line essentials now, rather than in the heat of a crisis.
Don’t wait until your credit line is removed to start thinking about this risk—it can take a long time for startup businesses to find alternative funding sources.
However, when creating a financial contingency plan for a startup, the probability of accessing the capital you need is relatively low.
Follow this process to create a financial plan you can rely on.
Importantly, each of these steps is simple and completely doable. The whole process should take no more than an hour of your time.