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The economy is recovering, so make sure you are not closed off from these survival strategies.

June
11, 2020

5 minutes of reading

Opinions are described Entrepreneur their contributors.


Due to the destructive effects of a COVID-19 the restaurant industry pandemic, one of mine coaching customers, Alex, a business executive who served as chief operating officer (COO) in a regional network of 24 snacks in the Northeast, wanted to explore the transition to another industry.

Alex approached me as his executive coach and asked my management in early March before turning off completely. I have recommended a five-step decision-making process that addresses the dangerous mistakes we cause cognitive biasthat destroys our decision-making in both of us professional and personal life. And now I will share them with you.

Step 1. Gather information from a variety of informed perspectives

Alex and I stopped at the list of people he would turn to, including:

  • Professional colleagues and teachers in the restaurant industry
  • Contacts in other areas such as suppliers in its restaurant chain
  • Family members are affected by its potential
  • Her accountant
  • The leaders of her network who moved to another industry

Similar: Find Work and construction Career in the era of COVID-19 and later

Step 2: Define your goals and work out a clear decision-making process

Given the data I had in hand, I asked Alex to compile a list of important goals in which the underlying problem should also be addressed. We have identified three:

  • To make sure that during the year she performed a role that would pay her at least 75 percent of the salary she earned as the head of a restaurant chain.
  • To make sure she has a great space for career growth if she didn’t switch
  • To satisfy his entrepreneurial orientation, Alex sought a favorable role for innovation

We then developed a number of relevant criteria for switching and identified them by their priorities: 1 at the lowest and 10 at the highest:

  • Earnings per year (8)
  • Innovative Opportunities (5)
  • Room for growth (6)
  • Sustainability for the industry and the company in the foreseeable medium and long term (7)
  • Ease of transition (5)

Step 3. Weigh the options that allow you to achieve your goals and choose what is best

Initially, Alex listed only one switching option: it is clear that he was already leaning towards the food delivery industry. However, I believe she can add more options so she has at least five. She took a little more time to discuss and finally came up with a handful:

  • Stay in her current position
  • Food industry
  • Food industry
  • Food industry
  • Food industry

At this point, Alex was still leaning towards his supportive option, which was to move to the food delivery industry. However, I warned her to examine everyone carefully. We went through each option together, ranking them by variable criteria. To do this, we compiled a table with the parameters on the left and the variables at the top. Then, ranking each option according to the appropriate criteria, we multiplied the rating by the weight of the criteria, as seen in this table.

Options

Salary

(8)

Innovation

(5)

Room for growth

(6)

Stability

(7)

Ease of transition

(5)

Total

Current position

7

1

2

1

10

130

Food delivery

5

3

4

4

8

147

Food kit

5

7

4

3

3

135

Food processing

6

2

5

5

3

138

Grocery store

8

5

9

8

5

224

Alex was surprised that the grocery option came out as the best option. Bad because grocery stores exploded because of the pandemic and hired both workers and managers left and right.

Step 4: Implement the option for you completely

First, imagine that the solution completely fails and brainstorms for reasons of failure. Next, consider how you could address these issues, and include them in your implementation plan. Then, imagine the solution succeeded. Brainstorm all the causes of success and integrate them into the plan.

Alex imagined that the transition to the grocery store failed due to a lack of a proper network for job opportunities and a reluctance to move to a lower role. To solve them, she decided to spend a month growing the network so she could make new contacts. Alex also decided to contact former colleagues and teachers who have stepped down from leadership roles to get an idea of ​​what they have learned from the experience.

Finally, when she imagined that the decision to move to a new role and industry was successful, she determined that this was largely due to her efforts to effectively transition to her new role and industry by building new core skills.

Step 5: Evaluate the implementation of the solution

Alex was able to successfully change industries. Within six weeks, she managed to settle into a large food chain as senior vice president of ready-to-eat foods. While she withdrew from her role as a cooperator, she managed to get a compensation package that was 85 percent of what she received for her former company, thanks to the fact that she joined a much larger organization in a booming industry.

As a metric of success, she decided the following:

  • Expand its network by adding six contacts a month, specifically from the food industry
  • Identify and work on the four core skills she needs to thrive in her new role and industry
  • Develop teachers within this new industry

Similar: How entrepreneurs can cope (and come out stronger) through the COVID-19 crisis

As Alex’s examples show, your career growth should take the back seat as a national gradually recovering. When looking for a job like never before, just be prepared to intensively tune in and develop new skills.

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Thanks for visiting our site. As a way of saying "thanks" here's a FREE course on how to make $688 a day online using FREE methods: 

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