Businesses in any industry functions on lot of planning and strategies. The strategies are usually laid to keep things moving and to pursue the overall motto of the company and that is the growth of the company. But there are times when the plans that you have set up do not go in sync with the current situation and this is when there is a likeliness of things going out of control. This is when a Plan “B” comes into picture. By Plan “B”, we refer to a secondary plan which is in place to defend the company from any backlash that comes as a result of the failure of Plan “A”. So when you see that you are preparing a plan which you feel that has half a percentage chance to succeed, you should also think about preparing a correspondent plan that will take over the initial plan if that fails to work out.
Preparing a Plan “B” is easy but following it is difficult. You need to do some brainstorming and discuss things with people from all the departments on things that you should do if the initial plan does not work out. You may even get suggestions that you will find wise enough to be followed but the real challenge is to implement the secondary plan. You have to change the complete course of action from the first plan to the second. This is undoubtedly the most difficult part because it means that there has to be some sort of changes in every department and not everybody can easily accept changes nor it is simple to bring changes throughout the company if yours is a mighty big one. Therefore before you think about jumping for a Plan “B” it is imperative that you understand the pros and cons and also the shape it will give to your company.
If it is a plan that will not have a major impact on the functioning as well as the finances of the company, then perhaps there is no need to have a secondary plan. Yu can always term the first plan as obsolete and move on with something else. But the problem will be when you are thinking of acquiring another construction company where you will have the maximum stake. In situations like these, you not only put the future of the company at stake but also the interest of the shareholders who have invested their money by trusting your thought process. This means that you can’t afford to go wrong and in case if you do then there should be a plan to back the backlash of your initial plan.
Do not forecast a lot and work more on ground realities. When you forecast a lot, you keep a lot at stake and if your forecasts keeping going wrong, it adversely impacts you as well as the company. Being foresighted is good but if you forecast just on the basis that it will all go your way, then that may prove to be a bad move.