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What do you do if you're facing a layoff in consulting and need to secure your finances?

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Facing a layoff is a daunting prospect, especially in the competitive field of consulting. It's a time filled with uncertainty, but by taking proactive steps, you can secure your finances and navigate through this challenging period. The key lies in understanding your financial situation, reducing expenses, and exploring alternative income streams. This article will guide you through practical measures to stabilize your financial footing, ensuring that you remain in control even when your professional life seems unpredictable.

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Jiri Kram

Account Executive @ Oracle | Cloud & AI

1 Assess Finances

Start by thoroughly assessing your current financial situation. Calculate your savings, check your severance package, and understand how long you can sustain without a paycheck. It's crucial to know exactly where you stand financially to make informed decisions. Review your monthly expenses and identify which ones are essential. Prioritize your spending to stretch your financial runway as much as possible, ensuring that you have enough to cover your basic needs during this transitional phase.

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Jiri Kram

Account Executive @ Oracle | Cloud & AI
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Layoffs are not sudden. There are many months and often years you can read signs if you know how. So the most essential skill is to have a dashboard how your firm and industry and customers you serve are doing. Also don’t forget about macro. If you are not flexible due to family or other constraints move between countries “follow-the-money” you need to account in your calculus macro of your country and region. Everything counts. Create KPIs of the most important things to watch and verify with knowledgeable people - LinkedIn is phenomenal in this. You can very fast verify trends in other parts of the world. Then go - follow and watch. If you can’t move. Do market research in your location, LinkedIn is a good tool for insights. Good luck.

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2 Cut Expenses

Reducing your expenses is the next logical step. Scrutinize your monthly bills and discretionary spending to see where you can cut back. Consider canceling subscriptions, dining out less, and postponing large purchases. Focus on eliminating non-essential expenses that can drain your savings. By tightening your budget, you create a buffer that can help you weather the storm until you find your next consulting opportunity or decide on a different career path.

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3 Update Resume

Your resume is your ticket to new opportunities. Update it with recent accomplishments, skills, and experiences that showcase your value as a consultant. Highlight projects where you've made a significant impact, and don't forget to include any new certifications or skills you've acquired. A polished and updated resume is essential for standing out in the job market, especially when competition may be fierce among other laid-off consultants.

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4 Network Effectively

Networking is a powerful tool in the consulting industry. Reach out to former colleagues, clients, and industry connections to let them know you're looking for new opportunities. Attend industry events, join professional groups, and participate in online forums related to consulting. The goal is to keep your name and expertise in circulation, increasing the chances of finding leads or being recommended for positions that may not be publicly advertised.

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5 Explore Alternatives

Consider exploring alternative income streams while you search for another consulting role. This could mean freelancing, taking on contract work, or even starting your own consulting practice. Diversifying your income sources can provide financial stability and may even open up new career paths. It's also an opportunity to leverage your consulting skills in new markets or industries, expanding your professional experience.

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6 Plan Ahead

Finally, plan for the future. Use this time to reflect on your career goals and where you want to be professionally. Do you want to return to consulting, or is this an opportunity to pivot to a new field? Setting clear goals will help you focus your job search and professional development efforts. Additionally, consider enhancing your skills through online courses or certifications that align with your career aspirations.

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Rajan Narayan

Brand Strategist Delivered $2 Bn in Brand Value I Certified Master in Digital Marketing I Author
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1. Create a runway for 3-6 months 2. This is a great time to explore opportunities in the clients side. So if any client has offered you a job in the past, take it up. 3. It's also the opportunity to strike out into entrepreneurship. Are any of your colleagues planning on it? Work out a strategy.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you're facing a layoff in consulting and need to secure your finances?

1

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3

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1 Assess Finances

2 Cut Expenses

3 Update Resume

4 Network Effectively

5 Explore Alternatives

6 Plan Ahead

7 Here’s what else to consider

Consulting

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What do you do if you're facing a layoff in consulting and need to secure your finances?

1

2

3

4

5

6

7

1 Assess Finances

2 Cut Expenses

3 Update Resume

4 Network Effectively

5 Explore Alternatives

6 Plan Ahead

7 Here’s what else to consider

Consulting

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