We’re all sick and tired of the ‘B’ word. And it is with genuine reluctance that I bring it up here. However there are important reminders for all of us in the Brexit debacle.
One of the most entrenched oversights has been a lack of any form of Plan B. Each party and politician has planned, loosely speaking of course, for the intended outcome, and only their intended outcome. Ok, at times they haven’t even managed that, but they’ve certainly been consistently far from any back-up or alternative plans.
For any tech startup entrepreneur or director, there’s a colossal learning point here. While it’s important to visualise and plan for our desired outcome, the best case scenario, we always need to have a worst case scenario in mind too. If things don’t go according to plan, we need to know what that might look like and what we’ll do in response.
With an influx of cash to a business, you’re operating to a plan and planning for success. However, what you’re doing now is evidently working, and investment means change, and change means risk.
It’s worth being really clear about the risks for different stages in your growth plan, the developments that have the potential to cause new problems of their own, and essentially try to foresee the unforeseen.
And then plan for those scenarios too.
Series A funding is the accelerating force to take your startup to the next level. The only way to guarantee that’s the case is to prepare a Plan B.
Sales for Startups has published an eBook for businesses who have secured Series A funding with essential considerations to keep in mind for your Plan B: ‘7 Mistakes Tech Companies Make After Securing Series A Funding’.