3. Planning & Executing your Exit Strategy

Part 2: What will be your safety net?

No soldier ever goes to war without counting the cost. Similarly, no stunt master does his thing without back up. The truth is that for those people who lose their jobs without warning this is usually the pain point. That someone or something pushed them out of the plane without a parachute!

It is not in my place to tell you what your safety net should be or how big or how small, but it will be wisdom for me to show you some of the backup systems you can develop to ensure that when the moment of transition comes, you will be well equipped.

Financial instruments

Like bonds, savings and fixed deposit accounts, shares & stocks, etc.

From personal experience, financial instruments bring to life that quote that “the proof is in the pudding”. They are all sweet and attractive when they are being explained to you and when the papers are being signed, but the moment things start going south with your stable income, especially when it is your choice for you to leave employment, these instruments become a generator of tears and regret.

I would advise care when considering them as a fall back plan.

Professional & Social networks

Build bridges and make relationships matter more to you than material things. It is people who will be there for you and not the material stuff. As I highlighted in the e-book From Employment to Business, your networks will change when you are in transition. People are generally resistant to change and when they are forced to come face to face with it, they shy away until the ground under their feet stabilizes.

So, if you see transition coming your way, take time to make some social investments by building your own networks besides those sponsored by the company. Experience shows that those you initiate and sustain independent of your company will remain strong for you during your transition.

Subscriptions

This is about keeping yourself knowledgeable and up-to date with the industry news. Annual subscriptions supported by your salary are good and you can accumulate the information and digest it for your future. Subscriptions that are also making a difference in the current world have to do with joining membership sites that relate to what you are focused on.

SPECIAL ANNOUNCEMENT

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Higher quality articles, podcasts, videos and toolkits will only be for exclusive members

Keep following our blog and subscribe with your email so that you don’t miss on the founder members’ benefits!!

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