Create a contingency plan for times when business is lean

There’s no bad news to deliver today and you’re in good shape. So, far. And, that’s the point.

You have a blueprint for getting your business to where you want, and all is going well. Your plan is solid and you think all the bases are covered.

Yet, things often don’t go as we expect.

What would you do if a large existing customer suddenly stopped ordering? Or, a competitor announced a new product that exposed a weakness in your offering?

Even when the economy is rocking and the marketplace loves your offering, there will be hiccups. Count on it.

Good news can cause you angst too. Such as when an opportunity drops in your lap out of the blue and your company isn’t prepared to take advantage of it.

As in life and business, change is one of the few constants we can expect.

However, worrying about all of this will not help much. That’ll just stress you out and cause premature graying or an awful stomach twinge. But, as most doctors will tell you, not all stress is bad.

There are positive steps you can take.

An old Yiddish proverb says, “Never worry about what you can’t change because you can’t change it; and, never worry about what you can change because you can change it.”

Consider stress testing your current marketing and selling strategy with the goal of making sure there’s enough flexibility to win -- regardless of what surprises the future brings you. Here’s how to go about it.

Run a fire drill. Ask yourself two questions. First, what current trends will affect your industry in the next six to twelve months? How could those trends have a major impact on your business? That’s what you know. Next, ask what don’t you know. Brainstorm “what if” scenarios of events beyond your control, or imagination Think way outside of the box here with outlandish possibilities -- like a competitor stealing your best customer who’s been buying from you for ten years, or new technology that makes your product seem like a dinosaur overnight. Even factors like the economy taking a sudden downturn should be examined. Make a list of each and try to rationalize what the impact would mean to the success of your products and services.

Draw up you battle plan. You can’t have a plan for every possible thing the universe has in mind. Yet, it is very possible to prepare how your business will rapidly react to certain categories of events. Use your experience to map out the actions you’ll take, people you’ll need to pull together, and processes that will kick in. Determine what members of your team will need to be shifted to the new challenge ahead. Prepare to train people to quickly fill a hole. Create a list of alternative suppliers. Get buy-in from all who are potentially involved, both inside and outside of your organization. For instance, even though your quality standards are very high, set a procedure to handle product defects and possible recall campaigns. All of this prevents panic from setting in and time from being wasted.

Keep your plan up to date. You’ve gone through all of the hard work of creating a contingency plan -- it’d be a real disaster if was outdated when you needed it the most. Review your “what it plan” at least twice a year. Have a checklist that guides your business through the assessment. Look at what’s changed in your company and industry as well as in the economy. Don’t be afraid of a little self-criticism either. Assign ownership, and if that someone is you, set it in your calendar as a reminder.

I’m not saying you should be paranoid and always worry. In fact, it’s just the opposite -- if you’re prepared with some basic planning all will go well.

Plan for the unexpected and identify the uncertainty around you. Build the unexpected into your plans, process, and organization. Think of it as a playbook for uncertain times. You’ll have less stress and sleep better.

Ron Stein is President of FastPath Marketing (www.marketing-strategies-guide.com) and the author of the Rapid Impact Marketing & Selling Playbook. As a speaker, coach, and consultant he works with small business owners helping them to accelerate the path between their vision and the actions needed to reach, win, and keep customers. Ron is the creator of the FastPath to More Customers Now! 7-step marketing system based on more than twenty years as a successful business owner, corporate CEO, business development executive, and salesman. He is also a mentor at two nationally recognized business accelerators. Ron offers one-on-one and small group mentoring, conducts seminars, and consults. He can be reached at 727-398-1855 or Ron@FastPathMarketing.com.