Successful business concepts can be applied to your career

By GERALD WALSH Guest Columnist

YOUR CAREER is like a business. It has assets and liabilities. It generates revenue and requires investment. It has customers and competition. It has a life cycle and goes through phases. It requires sound planning and careful execution.

So here's the irony. All managers and professionals use business planning models regularly in their work. Mission statements, corporate strategies, SWOT analyses, and action plans - these are all familiar tools to business people. Why, then, are few (or none) of these well-understood practices used by those same individuals when planning their own careers? Why do we leave the outcome of our careers almost to destiny?

January signifies the start of a new business cycle for most organizations. It is also the time of year when many individuals start thinking about their careers again. Should I make a job change? I wonder if I will get that raise? Might I be promoted this year? Should I further my skills? What courses should I take?

Rather than leaving the answers to these questions to chance, I suggest you apply those same business planning concepts - used every day in your work - to your own career. Here are examples of what I mean:

Stay close to your customer. As an employee, your customer is your employer. What you are selling - your skills - must always be relevant and useful to your employer. Your length of employment is no longer a variable in measuring employability.

I tell those people I coach that your value to your employer must always exceed what you cost (your salary.) In effect, you are a profit centre and must make a positive contribution to the bottom line. Otherwise, you are of limited value to your employer.

Prepare a long-term plan. Change is so rampant that a long-term plan these days is probably not longer than five years. This applies to both companies and individuals.

In planning your career, identify what you would like to be doing (and where) in five years. Is it a more senior job in your own company? Is it a more senior job in another company? Might it be in a different field altogether? Another city, perhaps?

Then, develop a work-back plan: a set of specific steps you must take in order to attain that long-term goal. To help prepare these steps, answer this question: "If I was sitting here five years from now and I was completely satisfied with my personal and professional life at that time, what would have changed to make me feel that way?"

You can influence the outcome of your career with carefully thought-out, attainable plans that are written down and reviewed regularly.

Maintain a competitive advantage. Competition for jobs comes from internal sources (co-workers) and external sources, such as outsourcing and technology. As you advance through your career, you will find that your technical skills become less applicable and your personal qualities, such as leadership and communication, become more relevant.

I feel the key is to ensure your entire range of skills is well-developed and always important to your employer. That way, you will remain competitive in the workforce.

Seek advice from others. Companies use lawyers, accountants, consultants, bankers and other advisers to guide them through challenging areas. You, too, should consider recruiting mentors: one or more individuals who are willing to give you honest, straightforward feedback and advice on your career. You will gain priceless perspectives on your leadership skills in addition to developing useful networking contacts should you decide to change jobs.

Remember - seeking advice from others is a sign of confidence, not weakness.

Invest wisely. Companies have fixed assets like machines, equipment, technology and buildings. They maintain these assets and upgrade as needed. They understand that well-managed assets are vital to their company's productivity.

I suggest you use the same investment model when thinking about your career. Investments should be made in building your skills portfolio, extending your network of contacts, contributing to the community (through volunteerism), and improving your overall health and wellness.

These investments might require money or time. Regardless, they will add to your overall net worth and strengthen your long-term career opportunities.

Be responsive to market trends. The most successful companies respond quickly to shifting market conditions and reinvent themselves to match these changes.

Microsoft is the best example I can think of where a market leader has altered its business strategy several times in its history. Other companies that ignored market trends and permitted complacency and arrogance to dominate their decision-making often ended up as market followers or even worse, in bankruptcy.

I am concerned that the strong demand for talent right now and regular media reports of labour shortages will cause a certain level of complacency to creep into individual career planning.

Don't be misled by rosy, short-term thinking. Labour market demands can and do change quickly. And you must always be responsive to those shifts.

Gerald Walsh is the president and founder of Gerald Walsh Associates Inc. an executive search, career transition and executive coaching firm.