How can you develop a contingency plan for your crowdfunding campaign?

1 Identify potential scenarios

The first step is to identify the potential scenarios that could affect your campaign, both positive and negative. For example, you could face delays in production, shipping, or delivery, technical issues, legal challenges, changes in market demand, or unexpected costs. You could also exceed your funding goal, receive media attention, or discover new opportunities. Think of the most likely and the most impactful scenarios and how they would affect your campaign objectives, timeline, budget, and quality.

2 Assess your resources and capabilities

The next step is to assess your resources and capabilities to deal with the potential scenarios. This includes your financial, human, technical, and logistical resources, as well as your skills, knowledge, and network. You need to evaluate how much flexibility, resilience, and adaptability you have to cope with changes and challenges. You also need to identify any gaps or weaknesses that could limit your options or increase your risks.

3 Develop alternative plans and strategies

The third step is to develop alternative plans and strategies for each potential scenario. This means creating backup options, contingency actions, and mitigation measures that you can execute if needed. For example, you could have a plan B for your production or delivery partner, a communication strategy for your backers, a risk management plan for your budget, or a pivot strategy for your product or service. You should also define the triggers, criteria, and indicators that would prompt you to activate your alternative plans and strategies.

4 Communicate and update your contingency plan

The fourth step is to communicate and update your contingency plan with your team, your backers, and your stakeholders. You need to inform them of your contingency plan and how it aligns with your campaign goals and expectations. You also need to update them regularly on your progress, challenges, and changes. This will help you build trust, transparency, and credibility with your audience and partners. It will also help you get feedback, support, and collaboration from them.

5 Test and review your contingency plan

The fifth step is to test and review your contingency plan before and during your campaign. You need to test your alternative plans and strategies for feasibility, effectiveness, and efficiency. You also need to review your contingency plan periodically and adjust it as needed. You should monitor the internal and external factors that could affect your campaign and evaluate your performance and results. This will help you improve your contingency plan and learn from your experience.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?