The Importance of Plan B, C, D .....

Posted by siteadmin on Friday 31st July 2015.

A couple of incidents happened to me over the last fortnight which really brought home the importance of having back up plans and taking precautions. Both happened whilst I was enjoying my big passion in life - Motorsport.

Firstly, I had a bit of an 'incident' whilst running some kart practice a couple of weeks ago.

Basically, I was running rather quick and where on one particular corner I was deliberately running wide on the exit. On this occasion I ran too wide and clattered into the tyre wall at what we think was around 30 MPH.  I may have put the throttle on a bit too early and the kart may have become unsettled in a slight dip on the run off.

The key point is that the precautionary measures in place worked exactly and precisely as they were designed to.

The tyre wall withheld the impact and my crash helmet, neck brace, rib protector and race suit all did their respective jobs. The kart was in a pretty poor state but it too did what it was supposed to do by cushioning the force. A Marshall was at my side before I really knew what had happened and although I was a bit battered and bruised, it just goes to show how such measures work as they should.

The second again happened at a race track but thankfully was far less dramatic where no one got hurt.

A friend and I were at a major Historic festival at Silverstone on a miserable rainy day. As it was the first week of the school summer holidays my sympathies were very much with the parents of children who were holidaying in the UK with rain stopping play.

Again though it raised the importance of having back up plans. What is the Plan B if it pours down with rain all week (like it has done recently)? How can you keep the little people entertained if Mother Nature decides she’s not going to play ball and bring the sun out?

It’s all about controlling the controllables as Team Sky demonstrated brilliantly well during the Tour de France.

The same approach of allowing for precautions and protection forms a part of sensible financial planning.

Part of my role is to work with clients to identify what life and financial risks they have and how to manage them. These risks could be serious illness, redundancy or divorce. All potentially traumatic events but the pain can be lessened if a contingency plan is thought about beforehand just in case the worse happens.

Interestingly, it is also worth thinking forward and planning for things going spectacularly well. That could be the amazing success of a business venture, the sale of a property, an inheritance or even winning the lottery. This also brings unexpected questions that need answering, which then creates alternatives.

It pays to plan where precautions and protections can be priceless as I experienced.