10 "not-so-secret" steps for business success - Step #4

Step #4 - Plan for contingencies . . .

Over the years I’ve had the opportunity to see many multi-year projections and financial models. The sad irony is that most became obsolete and never came to fruition. Why? . . . not because they were poorly developed, but because something happened that wasn’t anticipated (i.e., the unexpected).

There’s certainly value to being optimistic and looking at the glass half-full. However, there’s wisdom in balancing it with a continued vigilance towards contingencies/threats. Together, it’s a powerful combination.

This is also an area where experience comes in handy. For those who have “seen that movie before", it’s often possible to identify/avoid potential “trainwrecks” that can derail even the best of plans. It’s why advisory boards are often comprised of individuals who bring diverse perspectives and experiences to the table.

Bottom line - in business one still needs to manage for success, but expect the unexpected. And for the poor soul in the picture, next time plan ahead and use a dinghy instead.

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