Starting the conversation for program 228…
When planning, how do you incorporate a fallback plan?
What You Will Hear:
When a fall back plan becomes possible.
Learn from experience, and use it.
Fill in the middle: between the plan and the goal.
A written business plan and financials.
We may start with a vision, an idea, and we think through it first before action.
Fallback plans are not typically our first thought.
Financials are necessary for communicating vision, and it’s all about capital and how we can be better.
Ask good questions.
There is a shift from just action to strategic thinking combined with action.
Find success quickly through trial and error.
Fall a shorter distance, and adjust from what we learn.
We share stories about our learning that helped us know who we are.
The team becomes our fall back plan.
The way we work and how we look at who and what we have.
The skill we need to do our best and develop ourself.
Knowing versus confidence.
Criticism has a bit of truth.
Does the philosophy “get a real skill to fall back on” still have merit today?
It is BOLD to plan for change.
Notable and Quotable:
Zachary Beach: Sometimes you have to make a mess and figure it out when we get there. As we’ve made a mess, we figure out what our fall back plans are.
Steve Rosvold: Have a continuum you adjust the whole time. Use a written plan, financial plan, and key performance indicators.
Steve Rosvold: Planning for the future comes from knowing what you want to accomplish.
Zachary Beach: Let’s learn from our mistakes to build your business and continue to chase your vision.
Jess Dewell: It doesn’t matter your passion or your knowledge, it matters you know the benchmarks along the way.
Steve Rosvold: It’s all about how you utilize and procure capital and build it into something different and better.
Jess Dewell: Financials can help us find assumptions in our thinking.
Zachary Beach: Bootstrapped businesses are driven by vision.
Jess Dewell: Know when it’s time to change what and how you look at your business as you reach new stages in growth.
Steve Rosvold: Find success quickly.
Steve Rosvold: You have to act and execute in addition to plan.
Zachary Beach: Create a strategy instead of doing as much as you can and see what works.
Jess Dewell: Our fallback plan is learning from everything that’s happened so we don’t fall so far and bounce a little bit easier.
Zachary Beach: It’s all about how you continue to move forward and move through hiccups.
Steve Rosvold: Adjust to what customers want and adapt to it.
Steve Rosvold: Recognize what’s happening out there and quickly adapting to it.
Zachary Beach: There is a huge gap between people selling product and actually getting the desired results.
Zachary Beach: Take things one step at a time and the next step will present itself.
Steve Rosvold: Make sure you have resources for expertise in every part of your business.
Zachary Beach: Confidence is a knowing and alignment of who you are and where you are going.
Steve Rosvold: In criticism, there is a kernel of truth. There is a reason people said it, be curious about it.
Steve Rosvold: Stay curious and stay in the mode to want to learn more and help you more.
Zachary Beach: Look at the dichotomy. Look at both sides of every business action.
innovation, business strategy, focus, risk assessment, resilience, fail fast, emotional intelligence, execution, discipline
When planning, how do you incorporate a fallback plan
The more you think up front in business, the easier it is to adapt, change, and even pivot as necessary. Yet most of us don’t plan for what might happen when we begin implementation to achieve growth. To discuss having a fallback plan, Jess Dowell hosts panelists Zachary Beach Coach, Mentor, Real Estate Investor, and Steve Rosvold, CEO and Founder of CFO.University.