By Mark Inboden
This past week on LinkedIn, I came across a post that got my attention. There was a CEO quoted as saying, "I think that the minute that you have a backup plan, you've admitted that you're not going to succeed.” My first thought was, “Has this person ever worked in the "real" world?” Second thought, “Do I have any stock in this company?” and if so, call my broker and sell!
Maybe this is the thinking of people who have no real “skin in the game.” As a business owner, one must execute on their plans, but also plan for the unexpected. Some of these startups have “unlimited” cash to burn (most of the time “OPM" or Other People's Money), and the mindset is often about creating revenue, and not a company that will last. Most “small” business owners pay everyone first, then themselves. Most of the time, they just add to their “retained earnings” and leave most of the profits in the company. They are working to build something that will last longer than a “IPO cash out.”
As we head towards our 58th anniversary in October, I can tell you for certain that UCEC was founded with “old school” values, and we are working to ensure that we are around for many more years. We have put plans in place to implement new technology and processes. Most of the time they work. If not, we do have a backup plan, as our customers come first. Their needs have to be met regardless of a failed plan. We succeed because we work for our customers whether we use Plan A, B, or C...we just get it done!
Mark is President and CEO of UCEC.
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