How many plans actually have a backup plan? A lot of people are very confident in their original plan that they don’t make one. Being confident is all good, but without a backup plan, you start to panic and lose sight as the plan you had unfolded just didn’t live up to your expectation (or worse if it fails).
Backup plans are made just in case the original plan might fail. Can we say that the one with the most backup plans win? Nothing ever goes smoothly in business so having a few backup plans increases your chance of success.
How to make a good backup plan? Well, first of all you must think of all the plays in the plan that might go wrong and provide a good counter for each one. By predicting actions that your enemy might make, you can create multiple backup plans to counter the enemy.
Every plan needs a backup plan. We all like to think our original plan is the best, but having a backup plan is like having insurance. Overconfidence on your original plan will eliminate your need for a backup plan. Try not to be too overconfident in your original plan.
6 Comments
I would also attribute the failure for backup plan to scarcity of time.
With the rush we have to complete too many task (the adverse effect of ‘multi-tasking’), our mind are too preoccupied to think of backups..
Back Up is very important when you are starting a new business or project and it is your first one … If you blow it, you may have nothing left but trouble …
But when there is a thing already running and one decides to experiment with new things, back up plan may not be necessary if the cost in case of failure is acceptable. But if the new experiment is all or nothing kind of investment, I would definitely second your suggestion for a back up
Zedd- That is also true. Time is of the essence as they all say.
Biz- I would say experimenting is also a part of the backup plan unless you make it an all or nothing investment.
Most people don’t have a backup plan for the simple reason that they don’t have enough time to make one. But in the end it usually takes much much longer to get out of a mess without a backup plan to start with.
In other words, hedge your bets. Great post.
Thanks for stopping by! And you have good advice here!