We all need a Plan B—an alternative course of action for when our first choice isn’t available, viable, or possible. While a Plan B is often needed or at least preferred, there are many situations where one doesn’t exist.
The first time I realized I needed a backup plan was when I was graduating from high school at La Salle Green Hills. I had always assumed I would be automatically accepted into De La Salle University. I was confused when my classmates started talking about the entrance exams they had taken for other schools, such as Ateneo and UP, in case they didn’t get accepted at DLSU. It was only then that a cold realization pushed the panic button in my head: What if I don’t get accepted at DLSU? Of course, it all turned out well, as I did go to DLSU and earned two degrees in engineering. I got lucky I didn’t need a Plan B, especially since I didn’t have one!
A Plan B is a more doable alternative that you might have to compromise on, with differences in things like brand, price, quality, location, timing, features, color, or service. For less important things, like a restaurant item that’s not available, it shouldn’t be too difficult to choose something else. Even when scheduling a meeting, you need to be flexible enough to consider others’ availability and your own priorities. When choosing a car, we sometimes can’t get the color or specific model we want, and the choice comes down to waiting or getting what's available.
The more critical or important a situation is, the more thought and analysis are needed to create a Plan B. For most people, significant events include what course to take and where to go to school, what career to pursue and where to work, who to marry, where to live, what to invest in, who to be in business with, and which doctor or hospital to go to for a medical condition. Other important things may vary from person to person.
You might want to consider more than one alternative, so you could have a Plan C, Plan D, and so on. Sometimes, as the environment changes, new information becomes available, or our personal circumstances evolve, we might even change the ranking of our alternatives. For example, a Plan B could become your new Plan A by choice—not because your original Plan A was unavailable, but because what used to be Plan B became a better choice. It’s also possible that Plan B turns out to be the better choice in hindsight, due to incomplete or inaccurate information, or because the original Plan A’s circumstances simply changed.
Ultimately, we should always rank our choices and goals based on the best available information, our personal preferences, and our long-term advantage. We should also consider the expectations of our family and friends, as well as accepted societal norms. It is always a good idea to think about having a Plan B before you actually need it, as it helps you validate your Plan A. Thinking of alternatives ahead of time allows you to make rational decisions, rather than a spur-of-the-moment action that hasn't been carefully considered.
(The views and comments of the author are his own and not those of the newspaper or FINEX. Dr. George S. Chua was 2016 FINEX President, 2010 to 2020 FPI President, an active entrepreneur, and a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC. He is a Fellow at the Institute of Corporate Directors, Vice Chairman of the Market Governance Board of the Philippine Dealing & Exchange Corp., and loves playing golf. Comments may be sent to [email protected] or [email protected].)