3 Reasons You Should Always Have A Plan B For Small Business Success

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Even if you run a successful business and have a successful life, you’ll run into a situation where your first plan doesn’t work. Sometimes, that plan will even be a spectacular failure.

This is why you always need a backup plan. Every small business that has experienced failure knows that that failure is compounded if you have to scramble to come up with a solution, or at least a way to move on.

I’ll give you a real world example that’s on my mind at the moment: If your car breaks down, what are you going to do? If you don’t have a little money set aside to pay for repairs or a new car, or if you haven’t spent any time considering the possibility that your car might break down, your situation is going to be exponentially worse.

Here’s three great reasons to have a backup plan:

  • You’ll be ready to emergencies. Sometimes a plan fails because of inclement weather, emergency road construction or other events that pop up out of nowhere. Have that emergency plan.
  • You’ll have something to switch to if what you have isn’t working. If your radio advertising efforts are yielding no fruit, have an exit strategy and/or an alternative way to advertise that you can trot out.
  • You’ll have it on paper so no one is caught off-guard by a change or emergency plan being put into action. Having the entire organization on board goes a long way toward

How do you ensure you have the right backup plan?

Direct Capital is a leading provider of small business financing.