Know Your Options

Don’t make the mistake of believing you can only be an executive for a certain industry. If you know the previous industry is shrinking or going through some very troubled times, you can either keep trying to get back into that line of work, or you can look for new opportunities. Your skills and experience may make you perfect for a different business that you never gave much thought to in the past. Make sure you know your options.

Transition to a new industry is easier than it used to be. Historically, people have overrated the barriers and underrated their abilities to move into new areas. The vast majority of all new jobs are created by small and mid-sized businesses. So, while major employers are still important, you may want to explore positions with startups or emerging companies.

If you choose the right industry, you will have more growth opportunities, perhaps meaningful stock options, an environment that is likely to be more positive, a chance for more regular pay increases and probably advancement.

Increase your awareness of the fastest growing industries and companies. These firms have to go outside their industry to find the best talent and skills. The second way is to list characteristics of your industries… and find similar industries. We use software to compare your industry’s characteristics with 2,500 others, e.g., 35 industries may be an 85% match. Keep in mind that projecting some form of an “industry hook” is the next best thing to having industry experience. Group your possibilities three ways:

(1) close industry hooks, easy possibilities

(2) medium industry hooks, next best

(3) far reach or stretch industry hooks

When changing industries, you also don’t want to overlook your leverage power, the added benefits you may bring by virtue of your contacts or knowledge. You may be able to bring a team with you that helped in similar situations. Despite our recent economic slowdown, new companies have sprung up throughout America. Established organizations are reexamining the way they do business. Medium-sized companies are expanding. New industries exist that are employing tens of thousands.

The more you appear to know about an industry, the easier it is to generate interviews. Virtually all employers look for “common ground” when hiring a new person. For example, do you have experience in or knowledge of similar product lines, distribution channels, manufacturing methods or problems in their industry? There can be other similarities. Consider the scope of operations, the role of advertising and promotion, the importance of the sales organization, the influence of labor, and other items.

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