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Why Successful People Will Never Neglect A Backup Plan

Why Successful People Will Never Neglect A Backup Plan

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.

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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.

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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]

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    • 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.

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

    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)

    • 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

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    Wen Shan

    Proud Philosophy grad. Based in HK.

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    Published on December 18, 2018

    How to Brand Yourself and Make Your Business Stand Out

    How to Brand Yourself and Make Your Business Stand Out

    You’ve been in business for years and have finally hit your plateau.

    The tactics you’d implemented for your customers aren’t working as they’ve used to. You feel like your business has fallen out of the spotlight and now you’d have to settle for any business you get. It’s how businesses work, right?

    The truth is that some brands will fade off the business world–while others will adapt well and continue to grow. You shouldn’t be too hard on yourself for where your business currently stands. After all, you’d kept applying tactics that provided predictable results.

    Instead, decide to not settle for average results and spend more time building your brand. To make your business stand out from your competition, you need to be unforgettable. But how can you?

    In this article, I’ll cover timeless tactics that have worked for other businesses. If you apply these tactics correctly your competition won’t be able to copy them. Here’s how to brand yourself and make your business stand out:

    1. Win Your Audience’s Hearts with Authenticity

    The truth has always shined.

    Even without the technology we have today, people always had a way of finding out if someone was lying. And, with everyone engaging in social media today, it’s hard to hide from the truth. Yet, this seems to be what many businesses fail to do.

    For example, companies like Listerine have been fined for lying.[1] A quick buck today won’t be worth it in the long run. Instead, practice being authentic to your customers and they’ll eventually rely on you.

    Allow your customers to buy your products with a money-back guarantee – then deliver on your promise. Be consistent with the content you provide and stay true to your brand.

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    For example, if you provide coaching services for entrepreneurs, don’t sponsor irrelevant brands. If you stop caring about your brand’s mission, your audience will notice. They’ll question your integrity with your business and stop trusting your brand.

    But if you gain your customer’s trust, you’ll start standing out from your competition. Your customers will feel safe purchasing from you since they’ll know you’re honest.

    2. Share a Story No One Will Be Able to Copy

    A few decades ago, a brand would’ve gotten away without being unique. That’s because back then starting a business was not accessible to most people. You’d either need enough money to launch your business or have the credentials. And even if you had all these qualifications, you needed to get past the gatekeepers.

    Today, technology has disrupted many of the barriers that were present a few decades ago. For example, today a college student can launch a Podcast within a week. He can create a website in a few hours and record a few Podcast episodes. If he’s persistent, he can build a large following overtime and get paid by sponsors.

    This is great news for aspiring entrepreneurs but there’s more competition than ever. You can only do so much before other businesses begin to copy you. But what no business can copy is your story.

    That’s why you need to share your story with your audience.

    For example, if you have a money blog, share how you’ve overcome your financial struggles. If you run a freelance writing business, share how you’ve overcome writer’s block. The more your audience can relate to you the better.

    Without a story, your business won’t stand out. And if you copy what’s working for other businesses, you’ll experience short-term success.

    Take some time to share your story with the world, your audience will love you more for it.

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    3. Stop Reinventing Every Single Thing

    “Don’t reinvent the wheel, just realign it.” – Anthony J.D’angelo

    You may have heard that being original is the way to stand out. While this is true to an extent, you also shouldn’t be original when something is already working.

    For example, if your competition has a successful Podcast in your field, then so can you. Don’t search for better alternatives to a Podcast if it’s already working.

    Why?

    Because this is a waste of time. Instead, copy what’s already working and make it your own.[2] If your competition has a Podcast, figure out which areas you can improve and tailor it around your brand.

    Knowing this you can now spy on your competition and determine which areas you can improve. But, know that it also works the other way around. Others will view your business and copy what’s working for you.

    That’s why it’s important to stay true to your brand and be authentic with your audience. When you do, your competition won’t be able to copy your unique traits. Have an abundant mindset and feel confident for what your business has to offer.

    4. Shine Because of Your Uniqueness

    Stop trying to help the entire world and focus on helping a specific group of people instead.

    I get it, you’re willing to help almost everyone because you want to bring in more business. But the truth is that if you resonate with everyone, you resonate with no one.

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    Take, for example, a marketing agency that helps businesses promote their product. This business doesn’t speak to anyone but gets occasional sales throughout the year.

    But what if there was a similar marketing agency dedicated to helping real estate agents? If there was a real estate agent looking for help in marketing–who do you think they’ll choose? That’s why niching down is necessary if you hope to stand out from your competition.

    Determine which customers you enjoy working with the most and determine which customers bring in the most revenue. Once you’ve gathered enough data, focus on servicing your ideal customer.

    Don’t expect immediate results since this won’t be an easy transition. If you’re currently helping a narrow audience, slowly transition into a niche audience. Niching down is crucial to building raving fans.

    5. Be the Brand Everyone Can Depend On

    Being the brand your customers can depend on is important. How many times have you bought a product that’s failed on its promise? Or have settled for an average service?

    Exceeding your customer’s expectations is a sure way to make your brand stand out. In the book Influence: The Psychology of Persuasion, studies on human psychology prove that when you give to others, they’ll reciprocate. Offer your customers free consulting, a free ebook, or free quality content. Eventually, they’ll be happy to reciprocate after receiving value from you.

    View what your competition is doing and surpass their offers. For example, if your competition offers a free 15-minute consulting call, offer 30 minutes. When you focus on helping others more, your customers will notice.

    Make it your mission to serve your customers first and then worry about making a profit. Other ways for your business to be reliable is by inspiring your customers. That’s right, a business isn’t only about selling, it’s also helping customers achieve their goals.

    For example, you can write content that will inspire your audience to take action. You can interview guests that will push your audience to break bad habits. Get creative and look for more ways in which your audience can depend on you with.

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    The Bottom Line

    Imagine serving fewer customers and getting paid more than ever.

    Despite the fierce competition, you’ve got fans wanting to buy your products and services. Although this may seem impossible right now, it’s not. If other brands have been able to stand out in a crowded industries, why can’t yours?

    The truth is that standing out from your competition isn’t easy. There’s no secret formula that’s available to the rest of the world. The trick is to do what most brands are unwilling to do.

    Many businesses don’t want to niche down because this will mean a loss in sales. But that’s sacrificing short-term gains for long-term success. Niching down is necessary to build a brand your customers will love.

    Many businesses will spend a lot of money looking for ways to innovate, but won’t apply what’s working. But, not you.

    You’ve got what it takes to stand out from your competition. Start slowly and master each principle covered here. Now go and make your business stand out like never before.

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    Featured photo credit: rawpixel via unsplash.com

    Reference

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