When you make a promise to a customer you need to keep those promises and there is no excuse to fail in your delivery of products or services. Far too many business disasters have occurred when vendors or outsourced companies reneged on their commitments due to some disaster of their own such as a labor strike, flood, power outage, equipment failure, or some other problem on their end. This is what we call in business a Lose/Lose situation.
The larger company has to halt production, miss deadlines and profits at a time when they are working to meet revenue and quarterly profit numbers, and it hurts their stock price, thus, the shareholders, their credit rating and credibility on Wall Street. The vendor loses their reputation, the account and must lay-off employees due to lost business. Everyone loses, simply because the company did not have a strategic plan to deal with disasters, business continuity or have a back-up system in place for when the doggie doo hits the rotating cooling appliance. Having insurance for such disasters is not enough, sure it might pay for the losses of the company during that revenue period, but it can never pay for the loss in reputation or lost business and future business when they fail to meet their promises. Does your company have a back-up plan and business continuity strategy to deal with such disasters and prevent a larger disaster for one of the large companies you work for? You need to consider this and get your plan in place now. Please consider all this before it is too later, now is the time to act.
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