As 2020 should have demonstrated, the future is an uncertain thing. If you’re running a small business, then you might have made plans for the world as it is today and made reasonable guesses as to what’s likely to happen. But, as we’ve seen, unforeseen circumstances can at any moment descend, and if you aren’t adequately prepared for them, your business could suffer.

What is a Contingency?

Let’s begin with a definition. A contingency, put simply, is something that could happen.

A contingency does not need to be as epic as a global pandemic or a significant financial crisis. It might be something smaller, which hits closer to home.…