Always have a plan B and C

You got an investment! You asked for it and it’s enough to get you from renting your office and hiring your staff to going to market. This is an exciting time!

You get the money over time. Just hit the goals and the next check will come. Let’s celebrate!

I’m serious. Have a celebration. Not a weekend where you fly everyone to a lake and rent boats and put on your own fireworks show. That’s wasteful. Take everyone out for a nice dinner. Then get to work and work smart. Hit those goals.

Because I have a story for you.

Once upon a time, I got a commitment for enough money to get me from renting my office and hiring my team to taking the product out for market testing. We had a really nice lunch, along with a planning session, and did some team building work, too.

Then we worked really hard and we hit all out goals.

The market was interested. We were taking samples to some of the biggest partners in the world. It was tremendous. It was exciting. We were on our way to taking off!

It was 2008.

Do you remember 2008?

I do. There was a worldwide recession. And guess what happened? We hit all our goals and then didn’t get a check.

That’s right.

That promised money. The money we built our team and plan on? It didn’t come. Phone calls were not answered. The team lost their enthusiasm. People left or were let go. Office leases broken.

Did we fold up and quit?

NO! Because there was a plan B.

It involved flying across the world with no money in the account to meet a potential investor. An investor that I had already been talking to and updating and involving in our success since day 2. Why? When I already had the money committed that I needed? Because you always need a Plan B. A just in case the world goes through a huge recession and money disappears. Just in case a wrench gets thrown into your gears, because at some time, somehow, that will happen and the best thing you can do is be ready. Plan on it. Plan B and C for it.

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