Advertising

Last Updated on April 19, 2021

Why You Need a Contingency Plan If You Want To Succeed

Advertising
Why You Need a Contingency Plan If You Want To Succeed

A contingency plan doesn’t sound like what you would discuss with friends over cake and coffee, but it’s an essential part of any actual plans you make. You may need one (or more) for your business, school project, or even a family vacation. The biggest problem with making a contingency plan is that people often aren’t sure about what to include in it. Here is a handy guide for you to make a comprehensive one.

What is a contingency plan?

A contingency plan is a set of actions that you will take when something unexpected happens. Think of it as a backup plan, or a Plan B. It should have instructions that you can follow when your original plan doesn’t work out due to changes in the situation.

A contingency plan prepares you to deal with any future troubles you may encounter, and gives you some sort of escape route out of any accident.[1]

What happens if you don’t have a contingency plan?

If something goes wrong with your Plan A unexpectedly, or if accidents force you to change your current plan, chances are you will panic. Especially if you’re not well prepared to deal with contingencies, you probably can’t think straight enough to come up with the solution you need at that moment. You won’t know what to do.

What’s worse, until you’re able to get the situation under control, business can’t go back to normal. You’ll have to fix the trouble and make new plans.

Advertising

What if the contingency plan is a bad one?

Don’t think making a contingency plan is a simple task. A contingency plan should be comprehensive, which requires lots of careful consideration. Otherwise, it is not helpful.

For instance, you may be prepared for the wrong kinds of accidents. And when your plan doesn’t work out as expected, you won’t be organized enough to handle the crisis. That is, you’ll panic.

How can a contingency plan benefit you?

For instance, a contingency plan allows you to deal with accidents quickly and effectively.[2] In a business scenario, it can even help you save time and cost in repairing the situation.

Also, a contingency plan helps minimize the negative consequences or losses caused by the unexpected event. It guides you to start dealing with the situation as soon as something goes wrong and keeps you safe.

After all, having a contingency plan ready is reassuring, because you won’t have to worry about making new plans in a rush.

Advertising

You may think that accidents are unlikely. You may think that your Plan A is perfect. However, you should keep in mind that the future is uncertain until it becomes the present, and that we as human beings can’t control 100% of what happens. You don’t want to regret not having a contingency plan when it’s too late!

How to write a good contingency plan?

There are basically 5 steps:[3]

    We’ll now go through them one by one:

    1. Identify

    As a contingency plan has to do with what’s unexpected, you have to first try and predict the risks:[4]

    Advertising

    • What could possibly go wrong?
    • How likely it would go wrong?
    • What’s the impact and consequences of the contingency?
    • What should be your reaction or solution?
    • How can you prepare for it in advance?

    2. Prioritize

    Using what you’ve written down in Step 1, rank your risks by their possible impact and likelihood. The more likely the risk will happen and the more serious the impact will be, the higher it should rank.

    You have to decide how much weighting to put on each risk according to your situation.

    3. Plan

    The next step is to actually write your contingency plan. Keeping in mind the resources available to you, design solutions to the risks you want to cover in the plan. Be realistic about your needs: perhaps some issues have to be dealt with before some others, or perhaps you have to take actions within a certain time frame, etc.

    It is also important to give clear and simple instructions, so that you won’t forget what you’ve written months later, or that someone will misunderstand them.[5]

    4. Execute

    If your contingency plan involves other people, say, your colleagues or your family members, talk it through with them. Let them know what they’re supposed to do when certain things happen.[6] Prepare them.

    Advertising

    Then, if your plan includes actions to prepare for future accidents, execute them. This can help you lower the risks you may have while goal setting.

    5. Review

    Changes happen all the time. For your contingency plan to be practical, you should review it and make adjustments regularly. Evaluate the items in your plan. Over time, some risks may become more or less likely, or may bring about different outcomes. Learn your situation well, and update your solutions accordingly.

    If your plan is about large-scale risks such as natural disasters or server failures, conducting drills is very helpful to identifying any weaknesses of the plan, as well as making sure the people involved will be prepared to act according to the plan when they have to.

    Some concrete examples to put things into perspective:

    Example 1: Contingency plan for an outdoor exhibition

    • Potential risk: Rain
    • Who will be affected: Exhibitors, visitors, organizers and crew members
    • Action 1: Secure exhibit items
      • Who will take action: On-site crew members
      • Preparation: Rain-proof covers for exhibitors’ stalls, email exhibitors with weather forecasts 3 days in advance
    • Action 2: Lead visitors to sheltered areas
      • Who will take action: On-site crew members, security guards
      • Preparation: Mark designated areas as no-parking areas, waterproof jackets for crew

    Example 2: Contingency plan for delivering a speech to a big group of audience (co-workers)

    Advertising

    • Potential risk: The projector or the computer doesn’t work
    • Who will be affected: Me
    • Action: Write outline and key points on whiteboard as I speak
      • Who will take action: Me
      • Preparation: Notes in hard copy, 3 colored markers, printed handouts

    Featured photo credit: Flaticon via flaticon.com

    Reference

    More by this author

    Leon Ho

    Founder & CEO of Lifehack

    What Is Procrastination and How to Stop It (The Complete Guide) Feel That Life Is Meaningless? Here’s How to Find Meaning How Self Care Can Help You Live Your Best Life The Careful Art of Delegation: How to Delegate Effectively How the Flow State Helps You Stay Productive and Concentrate

    Trending in Success Mindset

    1 How to Silence the Impostor Syndrome 2 What is Tenacity and How to Use It To Be Successful 3 7 Ways to Eliminate Your Excuses 4 How To Organize Your Day For Success 5 How to Work Hard the Smart Way: 4 Daily Rituals to Follow

    Read Next

    Advertising
    Advertising

    Published on October 14, 2021

    How to Silence the Impostor Syndrome

    Advertising
    How to Silence the Impostor Syndrome

    Do you ever worry about being exposed as a “fraud?” You’re not alone. It’s actually quite common for people to feel like imposters. In fact, approximately 70 percent of people admit to having experienced impostor syndrome[1] at some point in their lives — a Twitter poll found that 87 percent of people have experienced this.[2] Even successful and famous people like Tom Hanks, Howard Schultz, and Natalie Portman suffer from imposter syndrome.

    But, what exactly is imposter syndrome. And, more importantly, how can you silence it?

    Originally coined in 1978 by psychologists Pauline Rose Clance, Ph.D., ABPP, and Suzanne Imes, Ph.D., the term “impostor syndrome” describes symptoms that include being unable to internalize accomplishments and being afraid of being exposed as a fraud.

    The individual may also be plagued by chronic self-doubt and believe that they’re unqualified for success despite evidence to the contrary. Inadequacies, fears of failure, and disbelief that success is a matter of luck or timing are also common.

    If you don’t address this phenomenon, feeling like an impostor can prevent you from achieving ambitious goals. Moreover, those experiencing these feelings tend to over-prepare or procrastinate — which obviously hinders productivity and reaching goals. And, as if that weren’t bad enough, imposter syndrome prevents you from pursuing new challenges and opportunities.

    Do you feel like you’re suffering from impostor syndrome? If so, don’t beat yourself up. After all, there are effective ways to overcome these feelings in a healthy and proactive way.

    1. Don’t Hide It.

    “Firstly, acknowledge it,” advises Claudine Robson,[3] the Intentional Coach. “You give strength to imposter syndrome by letting it continue to peck away at your confidence unchecked.” It can only be banished if you acknowledge it as soon as possible and break the silence.

    Advertising

    “Then you need to separate your feelings from facts,” Robson adds. “One thing imposter syndrome does very effectively is to mix up your perceptions of reality.”

    If you can, take a step back and look at the situation objectively. “Recognize when you should — and when you should not — feel fraudulent,” she says. Appreciate and acknowledge the task, intellect, and insight that have led to your success.

    You might even be able to take action by recognizing that the reason you feel fraudulent is that you’re new to a task. “That gives you a path forward; learning is growth, don’t deny yourself that.”

    2. Implement the STOP Technique

    In her book Cognitive Enlightenment, Melinda Fouts, Ph.D., outlines a technique to overcome imposter syndrome using what she calls the STOP technique.

    “STOP is an acronym for ‘silence the oppressive player,” Fouts explains in Forbes.[4] “You need to eradicate this tape that is playing 24/7, whether you are conscious of it or not. It plays loudest when we are tired, hungry, or feeling defeated.”

    Steps to implementing the STOP technique and rewiring your brain are as follows:

    To replace the tape of not good enough, you need a “launch sentence.” “I’m more than good enough” would is an example of a solid launch statement.

    Advertising

    Put your launch sentence in prominent locations, such as your car’s dashboard or computer. How come? The reason is that as the tape plays, you won’t be able to remember your launch statement.

    Continue to say “stop” until you recall your launch sentence, says Fouts.

    Put your launch sentence into your own words and pontificate.

    While going about your daily tasks, like while driving or exercising, practice your launch sentence so you can recall it when you need it in the future.

    “I am told this sounds simple and it does,” she adds. However, this technique is challenging when your negative tape is playing. You will not want to replace the tape every day while your brain is rewiring itself. “It is these moments you can’t give up.”

    3. Distinguish Humility and Fear

    When it comes to hard work and accomplishments, there’s humility, and then there’s fear. In other words, having a high level of competence can lead one to discount its value occasionally. However, as Carl Richards wrote in an article for the New York Times,[5] “After spending a lot of time fine-tuning our ability, isn’t it sort of the point for our skill to look and feel natural?”

    The problem is that we feel unworthy from time to time. But, as Seth Godin explained in a blog post,[6] “When you feel unworthy, any kind response, positive feedback or reward feels like a trick, a scam, the luck of the draw.”

    Advertising

    Feeling worthy without feeling entitled is possible. And, finding the right balance between them is critical for overcoming impostor syndrome. “Humility and worthiness have nothing at all to do with defending our territory,” Godin continues. “We don’t have to feel like a fraud to also be gracious, open, or humble.”

    4. Keep a “Brag Sheet”

    When you were sending out college applications, did you build yourself a “brag sheet?” If not, here’s a clean description from Shawna Newman,[7] “A brag sheet is very similar to a student resume – it highlights your accomplishments, key experiences, leadership skills, and employment throughout your secondary education.” In short, “it’s a quick reference guide with all the details and achievements for someone trying to get to know you better.”

    While it may be awkward at first, you can apply the same concept when coping with imposter syndrome. Just compose a list of your accomplishments, activities, skills. That’s it. Just remember Godin’s advice and also be humble and gracious.

    As an added perk, besides being an effective way to talk myself up, I’ve also found that this has helped me stop comparing myself to others. Instead of harping about other people’s milestones, I’m honing in on what I’ve done.

    5. Celebrate Wins, Period

    Speaking of accomplishments, they shouldn’t be categorized as small or big. After all, you feel as if you don’t belong when you have imposter syndrome. So, the more you celebrate your wins, the more confident you’ll become.

    Furthermore, accept compliments without qualifying them and practice listening to praise every day. Finally, become kinder to yourself by saying at least one kind thing to yourself daily. And, give yourself a well-deserved pat on the back.

    6. Assemble a Legion of Superheroes

    “You know how corporations have a board of directors to — in theory — make them stronger, maintain checks and balances, leverage resources, and help advance the organization’s vision?” asks inspirational speaker, speaking coach, and creative consultant Tania Katan.[8] “Why not assemble your own board of directors to leverage resources to help make your career stronger, keep you in check and balanced, and advance your vision?”

    Advertising

    “My friend Alison Wade, president of conferences, training, and consulting at Techwell, calls her personal board of directors her “front-row” — those are the people she invites to sit spitting distance from the stage, cheer her on, challenge her, and review her performance,” Katan writes.

    As for Katan, she calls hers a “legion of superheroes.” The reason? “I dig the idea of joining forces to do good in the corporate galaxy.”

    It’s important to have a diverse group of individuals who will defend you. Ideally, they should be varied in all dimensions, such as cultural background, way of thinking, and skills.

    Katan recommends that you meet together frequently, whether if that’s once a week or every quarter. “Share your experiences, fears, creative ideas, aspirations,” she adds. “Celebrate each other’s accomplishments.” You also need to both support and challenge each other. “Discover what you are capable of doing when you combine your powers.”

    7. Visualize Success

    Follow the example of a professional athlete by imagining yourself crushing that presentation or project. You’ll enjoy the relief from performance-related stress. And, more importantly, it can help you avoid focusing on the worst-case scenario.

    Final Words of Advice

    While there’s no single formula to cure imposter syndrome, the tips listed above are a start. After all, your success depends on your ability to fight the negative effects of it. For example, feeling unworthy over time can lead to crippling anxiety and depression if left untreated.

    If you’ve tried the above, then make sure that you speak to someone about what you’re experiencing, whether it’s a mentor, peer group, or licensed professional. And, above all else, there’s a place at the table for everyone — no matter what your inner voice is telling you.

    Advertising

    How to Silence the Impostor Syndrome was originally published on Calendar by John Rampton.

    Featured photo credit: Laurenz Kleinheider via unsplash.com

    Reference

    Read Next