Many of life’s failures are people who did not realise how close they were to success when they gave up! (Thomas A. Edison 1847-1931)
In order to get a business off the ground good business practice says we need a business plan. Indeed if venture capital funding was required the plan probably took many, many hours of toil to craft and now resembles a sculptured ‘work of art’ being unwaveringly implemented as we speak.
But the market conditions that prevailed at the plan’s conception will always change. Sometimes as we have seen with the tumultuous economy of 2009 and now also 2010 these conditions will change quickly and beyond all recognition. What then? Many business leaders will leave their plan in their desk draw and continue regardless. Sadly these businesses will not have grown or prospered and may even have failed.
The more astute among you however will realise the plan needs continual tweaking, in real time, and will already have a ‘Plan B’ just in case.
‘Plan B’ encompasses many things for example: better cash management; better debtor management; identification of alternative sources of funding; cost reduction; labour force reduction. In a ‘nut shell’ it identifies the creative ways of achieving more with less.
Invariably the development and execution of ‘Plan B’ is easier (less painful?) with expert help. We have guided many small and medium companies through difficult times. Its not without its challenges but with positive action at the right time, it is possible to shape your future!
Click here for my white paper – 10 Things you Should Include in Your Plan B
Mike O’Connell, CEO, Isosceles Finance
Tags: Cash Management, Finance Director, Interim FD, Outsourced finance, Part time FD
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