- September 19, 2016
- Posted by: adminplanthy
- Category: Business plans
Importance of having a B Plan for your start up is understood by one and all but people often focus on the optimistic scenario where everything goes well while planning their future. Often they fail to look at the possible risks that can derail their B Plan.
In order to mitigate such risks and alter the route in case any such risks occur, having a plan B is very important. Just as it is important in your life to have fallback plan, it is also important for any business. Having something alternate planned out for your business or start up can be the key to winning the goal and being a successful entrepreneur.
But in what ways can you exactly sketch out your second thoughts so that they work out and can enhance your business strategies or save it from collapsing? Here are some ways.
Altering the product features for better market fit:
For plan B, changing the approach of your business radically may not be required all the time. Similar ways should be found out through which the audience can connect themselves to you on a broader scale. Some of the approaches can be not changing the product of your business altogether but to enhance the features of those products and thinking of new ideas in which more and more people can buy those products coming together on a broader platform.
Rebranding the Product:
We often have heard about the common saying that a book is judged by its cover which is why creating a brand for your product, in plan B, is very important. Customers will buy the product only when they notice something trustworthy in the brand name or the pack. It will give a professional look and tough competition to others in the market.
Re-plan the marketing channels:
Sometimes the problem may lie with the marketing channel. The marketing channel initially planned to bring miraculous result may not be working in practice. You may have assumed 75% organic traffic for your website, but actually it is not working on ground. So, the plan-B may be to go back to proven marketing channels while working on how to make use of more cost effective channels.
Robust people management strategy:
The star hires may not be yielding the desired result or may have been poached by competitor. Such disruptions can set your business goals back by few weeks. Although a start-up must put in place mechanisms to prevent such things happening in the first place, but if at all such incidents occur it needs to have a structured process to deal with it in a way that business impact is minimum. Some of the ways can be to ask the existing team to stretch till the time required strength is available or immediately take the services of contractual resources to fill the gap.
Likewise, there has to be Plan B to cover all aspects of business operational, financial etc. At the end of the day your operations should be adaptive to changing business environment and not be tied to a rigid b plan.