Starting A Business | The Importance of Plan Z

What is Plan Z?

If Plan A is what you really want, and Plan B is what you go for after trying and making alterations to Plan A, then Plan Z is what you will do if everything goes wrong.  In this video, Michael introduces the concept of Plan Z and explains why it is is so important to have one.

Why Should Entrepreneurs Have A Plan Z?

This is not as negative as it sounds. It’s actually a powerful motivator, because being realistic is fundamental to succeeding in business. If you close your eyes to the possibility of failure, then in some deep sub-conscious part of your mind, there will always be a “what if . . .” worry going on. Facing reality, and planning how you will cope, and survive,  even emerge stronger than before, means you can then concentrate on succeeding instead.

 

Past clients have even found that when thinking about what they would do if things didn’t work out, they have made changes to Plan A that result in it being even more motivating and exciting.

 

In the next video, we’ll look at how businesses succeed.

Go to Part 5 – How Businesses Succeed

Starting a Business Video Series Index

  1. Starting a business – Introduction
  2. The Hero’s Journey
  3. Why Businesses Fail
  4. The Importance of Plan Z (this page)
  5. How Businesses Succeed
  6. The Balanced Scorecard
  7. Cashflow
  8. Start With the End in Mind
  9. Increasing Revenue
  10. Health and Resilience
  11. How Mindset Affects Success
  12. Brand Proposition
  13. Activity
  14. Habits
  15. Conclusion and Review