Grow Your Business

Goal-setting and planning allow individuals and companies to make things happen, stay ahead of the game, and exceed past achievements. You’ve given up your dreary job, embarked optimistically on your Plan B, but even that doesn’t work out. What do you do?

Vicente U. Kilayko, managing director of career-development firm Lee Hecht Harrison-Drake Beam Morin Philippines, cautions against giving up and lays out a strategy for bouncing back, for the second time.

Q: I was working in the outsourcing industry a few years ago, until I decided to quit my job and open a computer accessories store. Things were going well during the first few months, but keeping customers interested in my products became a challenge. Last year, I was forced to close shop because of bankruptcy. Where do I go from here?

A: There are three options available for people in transition or those whose businesses failed: find a job, retire, or start a new venture.

But before making any move, the first thing you must do is to assess yourself. What are your competencies and career assets? What is the status of your finances and relationships? Many people think that starting a business is the best option. But before taking the plunge, ask yourself if entrepreneurship is really for you. Based on statistics, more than half of new businesses disappear in the first five years because of poor financial handling, lack of management competence, and the influence of economic conditions such as inflation.

If you choose entrepreneurship, your goals should be clear and built on solid ground, because going into business is not that simple. It is a focused decision that requires careful thought from a behavioral and financial standpoint. If, for example, you are earning P35,000 a month, you have to think of a business that will give you at least the same amount of profit within the same period. Do you have the guts to take that risk?

If entrepreneurship is not for you, then you can go back to job-hunting. There are a lot of jobs in the market; you only have to know how to sell your competencies.

To make yourself marketable, know your strengths, your objectives, and the market. Many people find it hard to find employment because their competencies do not match the needs of the industry. If there is a mismatch between what the industry looks for and what you’re good at, then it’s time for an upgrade. Why don’t you take up short courses, earn a Masters degree, or master a new skill? Companies won’t take the initiative to develop your talents unless you have high leadership potential. It’s really up to you to keep yourself abreast of what’s new, whether it’s the latest technology or management system.

Many companies could view your experiences as an entrepreneur as an advantage, even if your venture failed. As a former business owner, you have been through various cycles of operations, and you know how to be a salesperson, manager, and cashier, among others. If you present these experiences well, they can benefit you.

Remember, the world won’t stop turning because you failed at something. Know what you want and plan how you intend to move forward.

Vicente U. Kilayko is the managing director of Lee Hecht Harrison-Drake Beam Morin Philippines (LHH-DBM). LHH-DBM is the new global leader in career transition and talent development, and it specializes in outplacement, leadership development, and change-management solutions for companies. Since 2001, LHH-DBM Philippines has been assisting companies in taking care of employees that were “transitioned” by helping them find another job, start a business, or retire. Kilayko is also an active member of the People Management Association of the Philippines.