A lot of times, Plan B is often confused with an alternate or a completely different approach. However, that need not necessarily be true. It need not necessarily be a replacement or an alternative but an addition or an expansion. It is the extension of current process and opinions, applicable in succession of operations & resources.
Plan B is also referred as "pivots", if you're working on a startup idea, you must be working on several pivoting experiments related to your startup as your Plan B strategy.
Plan B should be with regards to strategy and execution approach and not like ‘If my idea doesn’t work I will look for a job, start a new business etc.’ Based on customer feedback, situations etc. you need to make Plan A, B, C or more. Try to solve the problem that you have envisioned, though, the path to get to it may differ from Plan A.
Lastly planning for multiple alternative outcomes helps save one from the inevitable emotional whiplash that will ensue if the original Plan doesn’t work out. It helps prepare back-up resources, alternative partnerships, and set internal team expectations so that morale is not affected adversely. Build a decision tree, it gets everything out from your brain and forces you to analyze each stage and the pros and cons - before each stage even occurs.
Therefore, having a Plan B can greatly benefit a startup and help keep it running in the event that plan A doesn’t go as planned.
#CieraAdvisors #investmentbanking #venturecapital #corporatefinance #startups #PlanB #strategy #pros #cons #business #customerfeedback #pivots