The Volcano is Always Going to Explode.
Jacob Werksman, DBA
Founder & CEO at Victory Strategies | Executive Fellow at Harvard Business School
“By failing to prepare, you are preparing to fail”-Benjamin Franklin
Plot twist: Every economist in the world said a recession was inbound. We didn't know how, why, or when but we knew it was coming. Why were teams not preparing?
Everyone can look like a Rockstar when the money is coming in, the economy is booming, and sales are increasing rapidly. But what happens when there is an economic downturn, your team is getting sued, or a key player takes a job at a competitor? If you don’t have an answer or a plan that you and your team can revert to that can be used to address any scenario that is thrown your way, you are wrong.
I do not have a tolerance for people when they make the comment to me, “no one could have prepared for this.” That is a false comment and I will not tolerate it. You and your team can plan and prepare so when you are greeted with an unforeseen event, whatever it may be, you have a contingency playbook you can revert to and customize something specific to deal with the situation at hand. Chaos is a time for you and your leadership team to show your organization that you are calm, confident, and working through the problem to execute a sound solution that will lead your organization to victory through the uncertainty.
Contingency planning and risk-mitigation are hypothetical scenarios that are paired with achievable responses that you and your team can implement at a moment’s notice. In other words, you are preparing for the unknown, whatever it may be. If you and your team have already spent the time and effort on crafting a solid contingency playbook then when you are faced with a tough decision, you already know what and how to react accordingly. That is a powerful advantage over your competition.
Take the time throughout this current COVID-19 pandemic and make notes of things you and your team could have been better prepared for. What are some of the major lessons learned and revisions that need to be made when we get on the other side of this? And above all, please don't take the contingency planning process for granted or think it does not apply to you.
In military special operations, the planning is everything. We create multiple plans that could be used at a moment's notice. Everyone knows the plans, visualizes the plans, verbalizes the plans, and physically walks thru the plans. Hollywood movies make it appear as if Navy SEALs know how to respond accordingly to a terrible situation no matter how bad it may be, but the truth is, they're responding like that because they created the answer to the problem days ago while the team was contingency planning.
Takeaway: Be prepared for whatever the world is going to throw at you. Have multiple plans for yourself and your team so when you are faced with a problematic situation, you have already done the due diligence in thinking of how you will respond, react, and execute a decision. Do not become complacent, do not have excuses, do not be unprepared.
Storyteller. Social Responsibility. Survivor.
4yI was just on a call and asked about contingency plans. One of the several scenarios I listed will be reality in three months. The leader response was "good question, I don't know"...So thank you for this. Every aspect of business is changing. We can't have the same conversations we had two months ago.
LPL Financial Advisor
4yChoose how to spend time; A) whine about the problem B) work the problem Contingency planning builds a culture of choosing to work problems - - well done, Jacob!
Founder & CEO at ITS Tactical
4yWell said, Jacob. Contingency planning takes a level of humility that many leaders don’t allow themselves to feel, instead sticking to the notion that it’s somehow weak to think the decisions or plans they’ve put forward could fail. Worse yet is the close-minded thinking that the people they choose to surround themselves with (or hire) will never be able to see things they can’t. Keep up the great thought experiments like this, I’ve enjoyed reading them!
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4yWhen thinking about planning, risk mitigation, contingency plan, strategy ..I never stop thinking about movie where the military plan some special operations, there is so much details, who, where, what, what resources they carry how much ....where to meet, when to communicate...code word to reduce time, energy and confidentiality..... oh I can't explain....thank you Jacob Werksman for saying all those things in such a wise and interesting manner.👏 I am totally agree with you. Even a common man is aware that we should be prepared for the unknown. In organisations we have brilliant brains, who have opportunity to works in team, getting all the resources to find out the latest, efficient and effective trends to be proactive, to be well organised to handle uncertainty gracefully. This is the time to take a performance assessment for all and find out who is what.🙏🏻
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4yFantastic article. So many people will read this and stick to their guns and excuses. I love the your result statement "(so) you already know what and how to react accordingly". Just like in any situation, if you are always preparing and thinking of creative, alternative solutions (pathways to success), you will hit your pivot points on stride and blast through adversity with only minor scrapes and no fatalities. Thanks for the share, Jacob.