We often talk about business planning but right now I want you to focus on Plan B.
Plan B is the plan you need to have if things don’t go to plan.As with anything in life you can never be sure what might be around the corner. Doing business is no different with a variety of changing circumstances at play and you never know how things might turn out in the near future. So, you better be prepared for the unexpected.
The ultimate goal here is to think outside the box and come up with potential solutions for any unlikely circumstances that could create issues for the business down the line. From the simplest things such as not achieving your sales targets or expenses exceeding budget to the more complex scenarios of the business failing, you need to have a fallback position or as I refer to it, Plan B.
At one end of the spectrum, you have to keep an eye on the changing political, legal, social,technological dynamics and at the other end, you need to constantly stay abreast of your internal business operations to have an idea of where things might take a turn for the worse. You must do a great deal of brainstorming and come up with creative solutions in order to deal with unexpected scenarios.
An example of the unexpected problems faced by an entrepreneur can be gauged from the global financial crisis which took most of the world by surprise. The speed and extent with which it wreaked havoc with businesses and economies alike surprised the entire world. Yet those who had prepared for such eventualities by putting in place relevant mitigation strategies to overcome the crisis where able to come out stronger than before and continue their journey on the path of growth and prosperity.
How is your Plan B coming along