EXEC INTELL: STARTING OVER

If your company starts showing signs of going under, it’s crucial to take steps to safeguard your personal survival

When a company starts going under, many employees fail to leverage their strengths or go into flexible contracting, says Goodnews Cadogan, Pretoria-based Director and Executive Leadership Coach at Village Leadership Consulting. “Another common mistake is to badmouth your embattled employer to your clients or contacts. This is like burning your bridges.” Souring your reputation in the industry is both myopic and unprofessional, and could cost you valuable contacts in the future, when you’re likely to need them.

Faced with losing their primary source of income, many people also fail to make the necessary lifestyle adjustments, says Cadogan. “This should start with cutting out luxury items, downsizing your home, if necessary, and becoming realistic about living within your means. People often fail to get legal and financial planning advice from qualified professionals, although this could help them avoid incurring serious debt.” Explain to your kids that things will be a little tight for the foreseeable future, but that you’re doing everything necessary to tide the family over, and that sacrificing holidays away or expensive games and toys might be necessary. Most kids are more than amenable to such measures, provided they’re told upfront what’s happening.

It’s important to start sending out your CV to agencies and headhunters within your industry. Make sure your details are correct, your experience succinctly (but briefly) included and add a sentence or two about being willing to learn new skills, if necessary.

And meanwhile, read journals and relevant websites in your industry to stay abreast of trends and spot vacant positions. This is also a good way to identify niches in the market, if you’re considering starting a new company.

To read the full version of this story, go to page 76 of the January-February 2012 issue.