The Ultimate Corporate Entrepreneur

Plan B - Do You Have One?

This past Sunday during my live Coach for Innovation show with David B. Audretsch author of the book The Entrepreneurial Society we had a technical snafu at the start of the show.

How much of a snafu? You listened to dead air for a good eight seconds! We cleaned up the final 90-minute mp3 of what turned out to be a fun and informative discussion about leveraging the opportunities of a global economy, and although the cleanup was an extra step in the process, more importantly, I was reminded of two things...

• Innovative technology can be messy
• Importance of having a well-timed Plan B

You see, there was no reason for my listeners to mediate for eight seconds while I fiddled at the switchboard controls because I had a Plan B. It was the timing of cutting over to my backup plan that I wasn't clear about (but I am now!).

Do you have a Plan B for your business and career? Just as importantly, do you know the timing of when to execute your plan? A solid Plan B builds confidence because it puts you in the driver's seat (and let's be honest, no one has your best interests at heart than you do!).

No matter what newspaper, magazine, or online report you read these days, they all point to the economy stalling (or even choking) in 2008. What's your plan B?

If you've been thinking about starting a side hobby and eventual business or, perhaps, you already freelance but want to pump up your visibility and grow your client base, you owe it to yourself to check out Jay Lohmann's site TheFreelanceNation.com that launched in late 2007.

The site is just busting at the seams with new freelancers and business as companies scope out the growing talent base. Jay is the Founder / CEO of TheFreelanceNation.com who reached out to me following one of my radio shows and invited me to try out their site.

Now, I'm inviting you to do the same if it fits into your Plan B.

Project Setbacks: Getting Back on Track

Setbacks are to projects as problems are to customer service—you know you’ll experience them at some point.

The good news is that people often remember the outcome and your grace under pressure when handling the problem. Your approach and problem-solving speed makes all the difference in getting back on track:

• Get a perspective of the problem
• Adapt to the situation
• Review your options
• Revise and get back on track

The first time I experienced a major project setback it hit me hard because I thought our bases were covered. Almost overnight, our project funding dried up as if by some voodoo magic.   

Known for my “plan B” project expertise this setback not only came as a surprise, but was a major embarrassment to me as well. While my energy and focus was intent on leading the team and solving daily operational problems, there was a subtle political shift happening that would negatively affect our multi-phased project. The unseen benefit for us came in the guise of four key lessons.

Creative Project Funding: Target the Low-Hanging Fruit

Do you have a project that’s either running out of funding or one that requires a mid-plan correction? Or, perhaps, your organization must cut costs, potentially reducing the number of projects you deem critical to your organization.

Let’s say that you’ve already tapped cross-functional budget sources for funding. Where do you go next?

Target the low hanging fruit in your backyard and then go after the trees in the neighbors’ yards! 

Your Backyard

One person’s creative idea may be another’s necessity. Consider a combination of reaching out to others for funds and conducting a creative audit of your department, business unit, or organization.

Are there areas you haven’t explored where additional or unused funds could surface?

High-Risk Projects, Low-Risk Exposure

As a project manager responsible for big ticket, higher risk projects, my biggest problem was securing funding for the life of the project. 

These high risk projects weren’t always risky in the financial sense, but were either considered political “hot potatoes” or the key decision-maker was averse to taking risks.

Over time I learned how to get creative in getting my team’s projects funded. The trick was building a financial safety net before pursuing funding for a project.

Scoping the Right Budget Owners

Begin by identifying the budget owners inside your organization. Note those managers who secure their funding primarily through projects and those whose budgets sustain operations. A senior manager could certainly oversee both in large corporations.

Skills Mapping: Finance for the Fearful

Years ago while working for a financial services firm, I was fortunate to have the VP of Finance mentor me for one intensive week on the financial aspects of my new position as a National Account Manager.

The executive sales team had recently signed a lucrative contract, and I was scheduled to present the implementation plan to the client in two weeks. I was petrified of the gaps between my experience of client services with my understanding of finance.

The VP started by placing three Profit and Loss statements on the table. He knew his job was cut out for him by the confused look on my face. 

"Dee, there's a story in the data. The trick is to discover what the numbers are trying to tell you – the clues that are buried within the data. It's not unlike an ME when he examines a corpse. "

The guy sure knew how to create a visual!

Many people shy away from learning the financial aspects of business; however, a basic understanding of finance is critical for advancing your entrepreneurial success story within the corporation.   

In this article you’ll become more familiar with two finance models. 

• Return on Investment (ROI)
• Cost Benefit Analysis (CBA)