Everybody Has Got a Plan Until They Get Punched in the Face
“Everybody has a plan until they get punched in the face.” — Mike Tyson
From the boxer who understands getting punched in the face.
Remember the excitement of starting your business — how much enthusiasm you had, how much you believed in your new concept or idea? You thought being honest and working hard would bring you all the wealth and happiness you worked for and are entitled to.
All of that matters. But the foundation of your business is extremely critical — not just for when the storm comes, but when you're looking to raise finance or capital, when you're looking to expand, when you're looking to take on partners, or when you're looking to sell the business for real money in the future.
So you begin: setting up your company, opening a bank account, planning your cash flow, focusing on marketing and sales, developing a quality product or service, making sure your loan agreements, terms and conditions, and credit applications are all in order. You face the fears that held you back. You gather the right people and plan for as many contingencies as you can. You even have an exit strategy — “I'll try this for a couple of months, and if it doesn't work, I can always get a job.”
Here is the beginning of the learning curve. The race begins as you try to turn a profit before you run out of capital, enthusiasm, and energy. You move forward believing your plan is perfect — when suddenly you get punched in the face. It comes in many forms: a debtor who hasn't paid, a contractor agreement delayed when you were relying on that cash flow, a legal dispute, personal illness, the deterioration of a relationship, or even a minor change in the market.
So your headspace goes from excited and enthusiastic to pressured. Straightforward tasks you once enjoyed, that you were proud of achieving, become the cause of your stress. It was once said that if you earn $2.20 a year and your expenses are $2, you live a happy and contented life. But if your expenses are $2 a year and you earn $1.80, you live in a void of stress and pressure — and it could take you to choices you never thought you'd make.
Simple planning at the beginning of a business, or the beginning of an expansion, can make the difference between winning and losing — between staying down and getting back up off the canvas to turn the game around.
Protect yourself and your family now! Before you start — plan for the punch in the face.
See how a proper foundation is built in practice: explore our services or start the conversation.