You need to write down on your business plan the future scenarios that can happen. Weather they are possible or very possible, you must be aware of what can happen in the future and provide possible solutions for each case.
The backup plan (B Plan) must be all explained in this part. Stakeholders and possible investors want to know they are not going to lose money if something goes wrong. They need to know that the company will survive in the worst case scenario and that you will do anything to save it.
Imagine if a natural catastrophe happens and affects the region your company is in, how will you make it through? Or if a new technology replaces your product, how will you come back?
This has to be clear about all possibilities, even the good ones. For example, if the company suddenly gets an amazing deal and starts selling millions of products a month, what will happen to the profit?
Furthermore, you have to assure that the company will always pay back to the investors. They have to trust that you are capable enough to lead the company no matter what happens on the exterior and still make them money.[button_with_link url=”/100-point-business-plan/business-plan-outline-marketing/marketing-research-resources/” target=”_self” class=”button-left”]<< Previous[/button_with_link] [button_with_link url=”/100-point-business-plan/business-plan-outline-marketing/company-name-reasoning/” target=”_self” class=”button-right”]Next >>[/button_with_link]