Today an old friend called me. He had just spoken with one of my colleagues about financial matters and was considering whether he should seek advice. He isn’t a finance professional and felt unsure whether he was doing the right things, making the right assessments, and whether he was prepared for future storms.

But this friend is anything but a lightweight.

He has always been someone who thinks things through carefully and plans with a very grounded, realistic mindset. I was certain he had already asked himself far deeper questions than I — or my colleague — ever could. What he might be missing is simply the structure around it.

The takeaway:

He should start documenting his thoughts more deliberately. He and his wife — who is also a co-owner — should capture the key points from their discussions, outline the scenarios they develop for the future, and record the lessons learned. After two to five years, they can revisit everything: Were the assumptions and scenarios from back then correct? Did the ROI calculations hold up? Or where did things deviate?

Was I able to help him as a friend?

I believe so. He liked the idea of taking all his existing financial plans, assumptions, and forecasts and putting them to the test — categorising fixed and variable costs, defining what could be scaled down in a crisis, and ultimately creating a “drawer-ready” contingency plan. He found that a very helpful approach.