As I’ve previously shared, I live in a brownstone built in 1920(!). In a house this old, things are bound to go wrong. And, when they do, it is always an unwanted surprise.
Like last week, when the boiler broke.
It caught me completely off guard. Should I have expected it would happen one day? Sure. But I wasn’t expecting it to happen on the day it did. Interestingly, isn’t that exactly how life works?
Whether it’s a literal boiler or a metaphorical wrench in our plans, things rarely break when it’s convenient and you’re ready for them.
They break when it’s inconvenient—when you’re busy, unprepared, or focused on something else entirely.
This made me think about goals: yours and mine.
One month into the new year and making progress toward your goals, have you accounted for how you’ll respond when things don’t go as you’ve planned?
In the excitement that the new year and fresh beginnings invite, it can be easy to overlook the importance of planning for the moments when things go sideways.
Because no matter how clear your vision or detailed your strategy, the road to success is rarely smooth.
Last week I posted a video on social media to use my dilemma to suggest people create contingency plans.
And what was implied was this: don’t use a “burn the damn boat” approach to setbacks.
A Contingency Plan…Really?
Yes, a contingency plan.
If you’re not familiar with them or are only accustomed to them being used by large corporations or governmental agencies, they are just as useful when it comes to your money, your business (career), and your life.
That’s because a contingency plan is a proactive strategy designed to address potential setbacks, disruptions, or unexpected events without derailing your primary goal. Think of it as a roadmap for navigating challenges while staying on course.
A roadmap that:
- Doesn’t change the destination you’re aiming for; it simply provides alternative routes to get you there. Sorta like when your GPS suggests a new path because there’s road construction ahead. This encourages you to be nimble and adaptable.
- Anticipates possible risks or failures (e.g., financial shortfalls, time constraints, or operational hiccups). Think of this as preparing you for “what if” scenarios.
- Ensures any disruptions have as little impact as possible on your goals.
- Is created before something goes wrong, allowing you to act quickly and decisively when the unexpected happens. This helps you to be less reactive and more proactive.
- Complements the main plan by offering a safety net rather than diverting your focus. In other words, it doesn’t replace the main plan. (I’ll get to why this is important is a jiffy.)
Need a few examples:
- Your money: You already know the value of having an emergency fund in case of sudden personal and business expenses. But, what’s your contingency plan if that deal falls through or if a client’s installment payment fails, or if it takes a corporate client six-months to pay their invoice? What’s your response to scenarios like this? (I changed the payment terms for my speaking engagements precisely because a Fortune 500 company took six months to pay my invoice!)
- Your business (or career): Have you identified a runner-up supplier or technology software/app if something happens to your current provider—whether it is a significant systems failure, or they abruptly go out of business, or you’ve been locked out of your account? Having an alternative “just in case” could be useful. (Don’t own a business, what’s your game-plan if there’s a reduction-in-force?)
- Your life: How much buffer have you built into your timeline for your goals? (I always encourage my clients to have minimum, ideal, and oh hell yeah targets when it comes to money and time-based goals.)
Not to Be Confused With “BTDB”
Having a contingency plan matters…a lot. And, it is important to keep in mind that creating one isn’t about abandoning your main goal. It’s solely to make sure you can keep moving forward when setbacks happen.
In other words, a contingency plan is not a “burn the damn boat” moment.
When you “burn the damn boat,” you are removing the option to turn back, forcing a complete commitment to not only your primary goal, but the original roadmap you created.
In other words, having a contingency plan is not about having a Plan B that shifts your focus or feels like giving up. Instead, it’s about creating room to adapt and stay on course, even when the unexpected happens.
Think of it this way: Having a contingency plan prepares you for obstacles without abandoning the goal. It’s about resilience and flexibility. For example: If one revenue stream dries up, you pivot to another, but you’re still working toward your business’ financial goal.
On the flip side, “burn the damn boat” eliminates the possibility of retreat, creating an all-or-nothing scenario. For example: Quitting a job with no savings or backup plan to pursue entrepreneurship. (I call this unnecessary vulnerability and stress.)
Focus, Not Recklessness
While I’ve dedicated a lot of words to why having a contingency plan matters, I think it is also important to recognize when the sentiment of “burn the damn boat” is creeping in. Especially when you consider how it is a cultural myth that often overshadows the importance of preparation.
As a result, it’s easy to feel like a ‘burn the damn boat’ approach represents being more committed or courageous. But that sentiment often confuses focus with recklessness.
Real commitment isn’t about eliminating all options—it’s about preparing for the setbacks that will inevitably come, so you can keep moving toward your goals no matter what.
If my boiler breaking at the top of the year reminded me of nothing else, it’s this: Things will go wrong.
I want you to remember this as well.
Here’s what else I want you to remember: When things go wrong with your goals, that doesn’t mean your goals have to go off course. A strong contingency plan keeps you moving forward, no matter what breaks along the way.
Plus, a contingency plan reminds you (and me) to focus on the commitment to being prepared (what you can control) rather than focusing on the outcome (what you can’t always control).
So, do you have contingency plans in place…or, is this something to add to your to-do list? Let me know!
