“It’s a bad plan that can’t be changed.” – Publilius Syrus. But when is it time to change your plan, and when do you fall into the trap of giving up too early and not following through with your plan? Discover my decision tree and a book tip in this article.
Why a Change of Plan Might Be Necessary
We all know the feeling: you have a plan, everything seems well thought out, and yet there comes a point where you question if you’re on the right path. In my company, I could easily blame two major factors for difficulties. One is the drama around the winding-up application caused by my ex-partner, and the other is the market conditions. Especially in the first 45 days, these were not optimal.
It’s easy to blame external circumstances for a lack of success. But sometimes it’s necessary to pause and honestly reflect if the chosen path is still the right one.
The Decision Between Continuing and Quitting
A great book on this topic is “Quit” by Annie Duke. It’s about when to quit or pivot. The key point is that it’s not just about reaching the summit, but also about safely coming back down.
In a company, this could mean that you’re running out of money because your burn rate is too high. Or you lose the passion and fun in what you’re doing because the mission that drove you is no longer there.
Critical Factors for Changing a Plan
Here are some critical factors to consider:
- Financial Resources: Is the money running out? Is the burn rate too high for the remaining runway?
- Passion and Mission: Have you lost the passion and fun in what you’re doing? Is the original mission still relevant?
- Market Conditions: Has the market changed? Does the market segment you’re targeting still exist?
Reflection and Adjustment
Reflecting on my own journey, I should have quit on day one. The outlook was not good. But I decided to give it 90 days and see what happens. After 45 days, things hadn’t significantly improved, which is understandable as it takes a while to get the engine running.
Perseverance and Commitment
There need to be substantial reasons to give up or change a plan. If you notice you’re burning out or external circumstances force you, it might be time to change direction. Otherwise, you need to stick it through because that was the original commitment. Failure doesn’t mean not delivering; it means not persevering.
Conclusion
I hope these thoughts help you in your own decision-making. If you have questions, suggestions, or comments, let me know. Otherwise, have a good Friday. See you tomorrow for Day 53!
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Your Julian
Entrepreneur / Investor / Athlete / Father
