In business or employment, what is your current contingency plan? Most of us have either heard or used the term Plan B. This term inherently implies the existence of a contingency plan. There have been many successful individuals and/or products whose actual success was the result of a contingency plan. One of the most famous products was the Post It note. The creator was actually working on the development of an adhesive for a different product. The adhesive may not have worked for its initial design, but the Post It notes alternative product (contingency plan) made billions.
Regardless of the industry, it is important that a contingency plan always exists. In the past, a contingency plan may have simply been viewed as an alternative means of generating revenue but in today’s current economic environment, a contingency plan is more of a safety net. To be successful today (vs. merely surviving) still requires bold and aggressive strategies. However, with rewards still comes a certain level of risk. If this risk is not sufficiently managed, an aggressive strategy can result in unemployment and/or failure of a company.
Therefore if a new product is being designed for a specific market demographic, identify a potential alternate use of the product (in potentially a modified version) that might benefit a different consumer demographic. Regardless of the product or service being sold, it is imperative that one question is always being considered…….what happens if this doesn’t work?
It is important to have a sense of confidence and passion for the direction you and/or the company is headed. Having a contingency plan should not project doubt in the current strategy. The contingency plan should promote an even greater level of confidence in ultimate success.
The harsh reality of the current state of our economy is that it is less forgiving if a plan/strategy falls short. In addition for the first time in our nation’s history, the government has injected itself into the private industry which can result in uncontrollable variables which can negatively impact the plan/strategy. For these reasons, a Plan B or contingency plan is critical.
Success is still achievable. Those who say otherwise are defeatist. The definition of success may be slightly altered, but it is achievable. Reality is that it may take five times the effort to achieve half the success of five years ago, but it still can be achieved. It simply comes down to do you have the drive, discipline, perseverance, and tenacity to achieve it? And…………..do you have a plan as well as a contingency plan?
Husband, father, coffee connoisseur and lover of all things hockey. At 51 I sometimes wonder have I done enough. I have been married to my best friend for 30 years. She knows all my faults and loves me anyway, As a father of “almost always” perfect boys, I am always surprised at what life has to offer. It is messy, scary, thrilling, and always fun.