Always Have a Plan B

I hope that you are well and thriving during this approaching holiday season. During this time of gloomy news about the world economy, most of us can still be thankful that we have homes and cars and loved ones in our lives.

One thing I always encourage coaching clients to have is a Plan B, specifically when it comes to earning a living. And this applies whether you are in a career you love that pays well or you are in a situation where you are essentially starting over.

What exactly do I mean by Plan B? Simple. Plan B is what you will do if your first choice doesn’t work out. When I work with clients who are pursuing a career change, usually one or two choices will rise to the top. We work together to devise strategies to get them there and often it works out well for them. However I still always tell them to have a Plan B because when you are making a career change there are a lot of circumstances that have to fall into place in your favor and you can only control how you present yourself; you cannot control the hiring decisions.

Who should have a Plan B? Everyone! In these uncertain times it may not matter that you are a business owner, CEO, or entry level employee. For many the vulnerability to job loss or pay cuts is high.

What is a Plan B? For you it may take varied forms. You may choose to do one or more of the following:

• Have your resume ready so it can be sent at a moment’s notice. If you haven’t updated it in a while, do it now!
• Look at your finances and have a plan for how you would pay the bills if a change occurred tomorrow. And know how long you can sustain your current lifestyle and/or what adjustments you would make if needed.
• Know what kind of job you would look for and where you would begin looking if you needed to.
• Know what the second choice job would be and where you would begin looking for it. I often tell clients in transition that in some cases it may be necessary to find a “bridge” job – something you can do right away to pay the bills and keep you marketable while working toward the one you really eventually want.
• Pay down debt as much as you can, particularly high interest credit card debt. The less you owe, the less vulnerable you will be.
• If you’re uncertain as to what you would do to earn income in an emergency, begin compiling a list of all of your marketable skills and start looking around for how you could apply them. Include anything you have done well in a volunteer capacity in addition to your paid work experience.

Everyone has talents that they haven’t used in a while that they forget about until they start taking a serious look. Point out these skills into your updated resume.

Some people may think spending time devising a Plan B is a negative use of energy. I prefer to look at it as realistic. We are facing some tough times ahead and it is never wrong to be overly prepared! And having a Plan B (and C and D!) will actually give you the freedom to stay positive and be confident. It helps you come from a position of choice versus neediness.

Not sure what your Plan B will be? I’d be happy to talk with you more about it. Contact me for a free sample session.

Momentum Newsletter, November 2008