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Plan C: What do you do when it all falls apart?

What do you do when even your contingency plan falls apart? Here are a few tips on how to get back on your feet.
By Kristina Mae R. Ombao |

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?

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