Is the backup plan just as important as the original business plan?

[eLdavis]

But even if this is necessary like you just said, most people do not really have a backup plan over here as I understand. a lot of people are just established their business and rely on that business alone... Don't you think so ?

Yes most persons do not even have a back up for their business, they just have a business plan and that's all. It's not really a must to have one but this is just a percussion to have something to fall back to incase things do not go as planned.

 

[Abasiama40]

Yes, there is a need for a backup plan because you can't predict the things that will happen, so, whether you are dealing with natural disasters, simple human error, or hackers, you should not allow anything to derail your business.

 

[ganibade]

Backup plans cannot be like original plan. For any business enterprises to rise up, there must be a solid plan before starting business. Any additional backup of the new ideas will not serve as initial plans before that business started.

 

[Sotherefore]

Yes most persons do not even have a back up for their business, they just have a business plan and that's all. It's not really a must to have one but this is just a percussion to have something to fall back to incase things do not go as planned.

Well maybe that is the best for them but I believe when people dedicate most of their time to focus on their business they will just succed in it, sometimes having a back-up plan might really make you to be less serious in the business after all you have something to back up if one collapses.

 

[eLdavis]

Well maybe that is the best for them but I believe when people dedicate most of their time to focus on their business they will just succed in it, sometimes having a back-up plan might really make you to be less serious in the business after all you have something to back up if one collapses.

You have a point there though, some might not want to put in their very best cause they feel there is a backup plan. But in most cases a backup plan might not actually be a plan per say but it could be in terms of capital. Like I remember some time back while I was trading, I made some losses and I lost my trading account but what saved me was that I had back up funds to I could fall back to, if not I would have been stranded.

 

[Shigobad20201]

Even in some business , the backup plan is even more important than the initial and the real plan they are using because its the backup plan they fall to after the real plan flop.

 

[Smiles20]

A back-up plan is normally made in case the initial one that you have made fails
The a back-up plan should be something that can actually perform on his way even though it must not be as good as the initial plan.

 

[Sotherefore]

You have a point there though, some might not want to put in their very best cause they feel there is a backup plan. But in most cases a backup plan might not actually be a plan per say but it could be in terms of capital. Like I remember some time back while I was trading, I made some losses and I lost my trading account but what saved me was that I had back up funds to I could fall back to, if not I would have been stranded.

Okay, I don't understand that means someone can still have a back-up plan but that does not necessarily means that you have to depend on it... I believe in this case it is really necessary
. Sorry you should have used a stop loss.

 

[eLdavis]

Okay, I don't understand that means someone can still have a back-up plan but that does not necessarily means that you have to depend on it... I believe in this case it is really necessary
. Sorry you should have used a stop loss.

Exactly, you could have a backup plan and not even use it all. Yes I should have but that was actually one of my first experience in forex trading so I simply just consider it a lesson for myself.

 

[Sotherefore]

Exactly, you could have a backup plan and not even use it all. Yes I should have but that was actually one of my first experience in forex trading so I simply just consider it a lesson for myself.

Yes thank God, that is how it was with me when I make a particular mistake like this , I always consider it as a lesson and I always try as much as possible that doesn't repeat itself again.. using of stop-loss is very important but have you been using it now ?

 

[Heatman]

Refusing the backup plan is a key theme of many successful entrepreneurs and other heroes. ... back-up plan, which is really just the plan they wish you'd go with in the first place, right?

There is no guarantee that your first business plan is going to work which is why having a back-up plan is really necessary to have to supplement your original business plan if it doesn't work.

 

[eLdavis]

Yes thank God, that is how it was with me when I make a particular mistake like this , I always consider it as a lesson and I always try as much as possible that doesn't repeat itself again.. using of stop-loss is very important but have you been using it now ?

I tried using it on my smartphone but i guess it's not working with smartphones, if I want to make use of it, I have to use a system and I hardly trade with my system.

 

[Sotherefore]

I tried using it on my smartphone but i guess it's not working with smartphones, if I want to make use of it, I have to use a system and I hardly trade with my system.

I think it depends on the platform you are using to trade, if the platform does not accept the use of stop-loss with the mobile phone I believe you should look for another platform, even binance which is the largest cryptocurrency in the world allow people to use stop-loss on their mobile phone

 

[Heatman]

Yes the backup plan will give you the direct access to how you should balance your business just in case there is a downtrend on your original Business plan. With this you will have an exit route and survival plan in place when your original plan is not meeting up to expectations

If you don't have a backup plan for your business it actually means that you don't even have a plan for the business as well because there is no guarantee that your first initial plan is going to work.

 

[jay]

Refusing the backup plan is a key theme of many successful entrepreneurs and other heroes. ... back-up plan, which is really just the plan they wish you'd go with in the first place, right?

There isn't any wise business man that will never have a back-up plan for his business because there is always a challenge that will face a business which is capable of crippling the business but the back-up plan will be what will help the business to survive.

 

[Kaffyfolla]

It is estimated that as many as 50% of small businesses have no backup plan at all for security and recovery to protect against cyber attack or to secure themselves against garden-variety downtime. In a recently conducted survey, 41% of small business owners consulted said that they had not even given much thought to implementing a backup plan or steps for data recovery.

Some owners also cited the high cost of implementing such a program and indicated that it was their decision to defer the process until business became more profitable, or until backup and recovery costs became more affordable.

 

[saoussen57651]

It is estimated that as many as 50% of small businesses have no backup plan at all for security and recovery to protect against cyber attack or to secure themselves against garden-variety downtime. In a recently conducted survey, 41% of small business owners consulted said that they had not even given much thought to implementing a backup plan or steps for data recovery.

Some owners also cited the high cost of implementing such a program and indicated that it was their decision to defer the process until business became more profitable, or until backup and recovery costs became more affordable.

Even when you buy security options there is a possibility of a cyber attack because hackers implement new ways.

 

[Kvngsammy]

Of course both plans are very important and it shows that you're ready for whatever eventuality that may occur; because in the business world and even life itself, things may not always go the way we planned it to.
Having multiple plans shows you're well prepared.

 

[Heatman]

Refusing the backup plan is a key theme of many successful entrepreneurs and other heroes. ... back-up plan, which is really just the plan they wish you'd go with in the first place, right?

Only the business plan is not enough for the success of your business because there will always be challenges that face is the business which your back-up plan will always be a way out of those challenges.

 

[jay]

Most of the times, things don't work out the way we plan, that's why it is always important to have a plan B and if possible a plan C. A lot of factors can affect your plans and when that happens you will have to work with your backup plan instead. Therefore a backup plan is way more important than even the original plan.

I completely agree with you that if it's possible to have even a plan c for your business you should make it available because there is no telling what might happen and that plan will come to your rescue.