Is Plan B Ready?

Business owners and entrepreneurs are, by nature, risk takers and adventurers. If we didn't have that "optimism gene" floating around, not much of any progress would ever get done. But every so often the adventurous get in trouble.

They plan a new venture ? perhaps a new product, service, expansion into new geography ? whatever, and they hardly pause in their quest for the golden ring to plan a strategy that will minimize their exposure in case that great idea turns out to be an "Edsel."

Unless we are talking about a "bet the company" type of venture (and I'm not!), contingency planning for most new ventures a small business undertakes can be done with the addition of four simple paragraphs to the plan written at the planning stage of the new venture (you do have a written plan, don't you?).

Paragraph One: How will we measure to see if this project is producing the desired results?

Paragraph Two: How many resources (time, money, effort, etc.) will we invest to make it produce the desired results?

Paragraph Three: How will we close down a project that will not produce the desired results?

Paragraph Four: How will we minimize losses in a project that will not produce the desired results?

Just by having "Plan B" thought out and written lessens the difficult task of making decisions in the heat of a battle if things are not going well. If results are not going as planned, pull out "Plan B" and read it. Compare the current results to the projections. Realize that when "Plan B" was written, it was based upon assumptions. The data you have, once the project is underway, will be different from those assumptions you based "Plan B" so it can, and probably should, be changed based on the hard data that is now at your disposal.

Hopefully all your new initiatives will be hugely successful, but just in case, minimize your losses by being prepared with "Plan B."

Larry Galler coaches and consults with high-performance executives, professionals, and small businesses since 1993. He is the writer of the long-running (every Sunday since November 2001) business column, "Front Lines with Larry Galler" Sign up for his free newsletter at http://www.larrygaller.com

---

Microsoft Great Plains Implementation: Pharmaceutical Corporation Specifics ? overview

Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More

Six Key Areas For Evaluating A Strategic Alliance

Strategic alliances are increasing at a rapid rate. It is... Read More

Do You Really Need a Business Plan?

"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More

Action Planning

ACTION PLANNING: Action Planning is a process to develop strategies... Read More

10 Ways To Make Your Business Unique

1. Largest Selection -One way that you can make your... Read More

How to Achieve E-commerce Success ?You Gotta Plan!

Before becoming a netpreneaur, I was an entrepreneur. First, I... Read More

Do You Have A Customer Identity Crisis?

The trick is to determine what uniquely identifies your best... Read More

Abstract thought on Business Strategy and Nature

Here is an abstract thought on studying nature and the... Read More

Innovate Today for Great Leaps Forward Tomorrow

How often does your company make a quantum leap forward?... Read More

Top 10 Tips to Create A Business Plan! (For People Who Hate Business Plans)

One of the key challenges for any business is to... Read More

Strategic Acquisition Strategies for Small Businesses

Growth through acquisition should not be considered an option reserved... Read More

In Business Planning, Competition is Good

When developing the competition section of your business plan, companies... Read More

Could You Be Setting Your Business Plan Up For Failure?

David E. Gumpert, author of Burn Your Business Plan, often... Read More

Mining Market Data

With a heightened awareness of opportunity, ideas can often be... Read More

How To Kick Start Your Business And Double Your Profits

This will make some people angry as hell, but it's... Read More

Microsoft Great Plains Implementation: Healthcare/Hospital example ? overview for consultant

Microsoft Great Plains fits multiple services market niche and healthcare... Read More

Titanic Precautions

Many movies have been made about the tragic story of... Read More

Documenting the Exit Strategy in Your Business Plan

All investors greatly desire and are motivated by a clear... Read More

Innovators Role at Hard Times

One Research Scientist at the Hewlett-Packard (HP) Imaging Systems laboratory... Read More

Business Results - Four Critical Success Factors

Scenario OneDuring a recent presentation, a business owner was given... Read More

A Rough Cut on Feasibility

A piano tuner recently moved to Buffalo, NY, and would... Read More

Parking Business, the Details on Increasing Lot Revenue

If you are in the parking business and own or... Read More

Vendor Relations Strategies Sample Outline

One of the quintessential parts to any business is your... Read More

Be Like Bill - Think!

Twice a year, Bill Gates goes to a remote island... Read More

Pressure Washing Entrepreneurs Can Help With Government NPDES Permits

If you own a pressure washing business one of the... Read More

The Best Entity to Hold Real Estate

Possibly THE most frequently asked question of me is "What... Read More

Three Easy Ways To Know Thy Competitor

"Did you hear what your competitor is doing?" This question... Read More

Business Plan Long Term Goals

Writing a business plan is not an easy endeavor, nor... Read More

Business Disaster? Wont Happen to Me

As fast as you can say business disaster, your business... Read More

Your Business: Will It Have A Happy Ending?

"Begin with the end in mind," says Stephen Covey in... Read More

Invalid Excuses for Poor Business Results - Rising costs

Note to Northwest Airlines ? It's not about fuel costsFor... Read More

Idaho Market for Automotive Businesses; Doing it Right

Anyone who has been watching the Idaho Market Carefully for... Read More

Strategic Planning Consulting

Strategic planning and consulting is the strategy roadmap to manage... Read More