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Definitions from the Web

Business Contingency

Description:

Business contingency refers to the plans and actions undertaken by a business to prepare for and mitigate potential risks, disruptions, or unexpected events that could negatively impact its operations, profitability, or reputation.

Possible Related Products:

• Business Continuity Planning Books
• Risk Management Tools
• Emergency Response Kits

Sample Sentences:

Sense 1: Plans and Actions

1. In order to ensure the company's survival during unforeseen events, the management team implemented a robust business contingency plan.

2. The business contingency strategy involved diversifying suppliers to minimize the impact of any disruptions in the global supply chain.

Sense 2: Risks and Disruptions

1. The unexpected power outage highlighted the importance of having a business contingency plan in place.

2. Due to the recent market volatility, businesses are reevaluating their business contingencies to safeguard against unforeseen economic downturns.

Sense 3: Local Usage

1. The local businesses in the coastal town were well-prepared with business contingencies to handle potential hurricanes or floods.

2. The small restaurant implemented a business contingency by cross-training their staff to ensure they could continue operating even if key employees were unavailable.