Top contingencies to plan for

I’m a big believer in contingency plans.  In my business plan (which is a gigantic mindmap that I reference daily at MindMeister.com), I have a section that includes contingencies. I briefly describe the contingency (which could be a positive situation or a negative one) and then I list various actions or information that will be helpful. Sometimes it’s step-by-step, sometimes I’ll drop a link into the map that I know will be helpful. I’ll typically have anywhere from 3 to a dozen steps, potential solutions, ideas, resources, people to call, changes to make, things to read, etc.

So, what kind of contingencies should you plan for? There are some industry-specific ones I can’t effectively cover here, but most businesses should think about the following:

  • If you need to replace all of your customers
  • If one of your customers doesn’t pay
  • If one of your customers has a complaint
  • If the economy goes into freefall
  • If the economy does really, really well
  • If your workload grows dramatically
  • If you suddenly get bad press
  • If something you do goes viral (in a good way)
  • If something you do goes viral (in a bad way)
  • If you need to make money fast
  • If you get into an accident and can’t work
  • If a competitor or angry customer starts a campaign against you
  • If a competitor steals your customers
  • If a customer asks for work that you don’t do
  • If you get a customer that you don’t like working with
  • If your vendor/supplier doesn’t deliver on time
  • If you start up your computer in the morning and don’t have any files
  • If your computer doesn’t start up at all

Yes, this seems like a lot of work. But wouldn’t you prefer to prepare for these now when you’re not at the center of that particular storm?

Aaron Hoos

Aaron Hoos is a writer, strategist, and investor who builds and optimizes profitable sales funnels. He is the author of The Sales Funnel Bible and he's a real estate investor and a copywriter for real estate investors.

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