Thinking and planning ahead can prevent you from becoming mired in predictable mistakes. Chris Davis, co-founder of Loot Crate, says that his team underinvested in process early in the company’s growth. “We would wait until we were in the middle of a problem to think of a solution,” he says. “But when a port is closed and you can’t bring a product into a port for six weeks, it’s critical to have a contingency plan.”

Think about what could go wrong in your business and what your “Plan B” is. If you can’t think of a solution, seek out experienced professionals. You can either hire the talent or find a mentor or business colleague who can provide insight. Develop your contingency plans before you run into problems, and you’ll save yourself significant headaches.

Published on: Jun 19, 2017