Turning Job Loss and Business Stalls into Opportunites: 7 Must Have Strategies for Today's Professional

Is your job secure? Are you able to afford your current lifestyle, or do you need supplemental income to maintain the standard of living you had just a few short years ago? In the past several months, we have seen a dramatic uptick in people who are either in careers where they want to secure outside opportunities to increase their ability to generate income, as well as business owners who are seeing their current lead sources dry up and need to position themselves to access new markets.

We've worked with professionals across a broad range of industries for over seven years, helping them establish thought leadership, generate leads that encompass people buying products and services from them, secure potential investors and partners, and gain exposure in media outlets. We've achieved all of this through the various tools, services, and systems we've developed with LinkedIn and Sales Navigator. The reason I'm writing this special edition newsletter is, when the economy is good, people tend not to consider having a fallback plan. However, when the road gets rocky, people begin to explore what their options are.

In this newsletter, we will explore the most common ways people and companies are positioning themselves to navigate the disruptive and uncertain times we're currently living in.

The First Method is Positioning Themselves as a Consultant

When you decide to become a consultant, you will first need to consider if the market needs your expertise. Conduct research within your circle and reach out to gather as much data as you can about who your ideal prospect would be before moving forward with thought leadership, content creation, or network building. Secondly, you will need to consider your business model. How are you going to operate? Are you going to charge an hourly rate, be available on a retainer, or work by project? Get a feel from your audience for the industry standard, as well as what might be an alternative that best reflects current interests.

The Second Method is Positioning Themselves As a Fractional CEO, CIO, CMO, etc.

If you've held these roles before within a corporation and you're looking to make a move on your own, you can handle one, two, three, or more consultant opportunities based on how your business model is structured and charge a rate that is substantially higher than what you would be making as an employee. We often see this in areas where expertise in regulatory issues or experience with specifics of how things operate is critical. Areas like healthcare, manufacturing, and tech come to mind in terms of people we've helped secure clients.

The Third Method is Getting Side Gigs

With a side gig, you don't need to have as much experience as you would for a consultant or fractional position. You just need to have some skills or be willing to learn new skills and market yourself accordingly. Thought leadership is important here, as well as doing your research on market trends and where people need help. Platforms like Upwork and Fiverr can be good places to build a reputation, learn how to work with clients, and build your business based on what is in demand.

Once you have all these elements established, you will then need to put together a game plan on how to get in front of your ideal prospects.

What we see people doing very often is going straight to creating content or thinking that's what they need without first ensuring that their profile on LinkedIn is as polished as possible to position themselves in the best light. You only have a couple of seconds to capture someone's attention, so you want to make sure you are clearly conveying what you're all about before thinking about content. Another aspect is if your network is not filled with those people you would be doing business with, creating content has very little impact because it will not be seen by those you want to reach. This Thank is where networking comes in. Networking is a way to connect with people who have the problem that you solve. In this way, you remove much of the sales aspect from the equation because you are offering solutions to their problems through your connecting on LinkedIn and sharing insights that are valuable to these new connections. This builds trust, develops interest, and gets people wanting to have a conversation with you.

To break it down as simply as possible:

• First, you need to ensure that your profile on LinkedIn is on point.?
• Secondly, you need to do your research on industries, titles, geographic locations, sizes of companies, and the types of people you want to get in front of, and then begin building your network.?
• Third, you must create a game plan around content, pull together a content calendar, and commit to consistently releasing information, analyzing the feedback you're getting, making adjustments, and moving forward from there. You don't need to be posting daily, but you do need to be posting consistently; once a week is perhaps a good place to start for some people. Whatever you can stick to is the best game plan.

Then to build financial security and foster growth, both professionals and small business owners must embrace a comprehensive strategy. Alongside the tactics shared above, here are seven strategies, supported by recent authoritative insights, to strengthen your standing in today's unpredictable market:

1. Expand Your Income Sources: Diversifying your income can act as a safeguard against the ups and downs of the economy. For individuals, this could involve investments in tangible assets, or launching a side hustle. Small businesses might look into introducing new products or services to meet the needs of emerging markets.?
2. Establish a Solid Emergency Fund: Finance experts recommend setting aside an emergency fund to cover at least six months of expenses. This fund serves as a financial cushion, offering stability in the face of unexpected events. Yes, it can be tough to scrape together those resources but once it's done you'll sleep a whole lot easier. Think in terms of things that are additional expenditures such as subscriptions, eating out, etc. that you can do without. Another strategy is to sell things that you don't use very often to generate cash that can come in handy when things are tight.?
3. Commit to Lifelong Learning: As the workplace evolves with new technologies and practices, staying current through continuous learning is essential to remain competitive. There is so much information out there in terms of free education both from Academia, and experts who have actually done it.? There is no excuse not to keep up with, or better, stay ahead of trends and skills that will be in demand moving forward.
4. Broaden Your Network: Beyond LinkedIn, participating in industry associations, online forums, and local community groups can open doors to new opportunities and insights.?
5. Pursue Digital Transformation: In the realm of business, embracing technology to enhance operations, marketing, and customer service is crucial. Learning more about maximizing CRM use, building sales funnels, and using AI to improve the work that you currently do no matter the industry can be invaluable as you position yourself for your next career or business opportunity.?
6. Improve Financial Management: Mastering financial management skills, including budgeting, forecasting, and managing cash flow, is vital. Learning about the mechanics of taxation and the effects of local government decisions is key to safeguarding your financial wellbeing. This understanding can make a difference in your budget, your savings plans, and your capacity to look after your family's needs. The more you know, the better equipped you are to manage your finances confidently.
7. Enhance the Customer Experience: Focusing on customer experience can significantly boost loyalty and encourage repeat business. Implementing feedback mechanisms and striving for continuous improvement are essential.?

By embracing these strategies, professionals and business owners can do more than just survive; they can thrive, turning challenges into opportunities for development and creativity. In both our careers and personal lives, many elements are beyond our control. My approach has always been to manage what is within our grasp, preparing as best as we can for the unforeseen. I hope you've found some valuable insights here that you can apply immediately to steer and propel your journey ahead. If you have any questions or want to discuss any topics mentioned, feel free to reach out to me directly or leave a comment below.

Kim Peterson Stone is a three-time business founder, keynote speaker, and leading LinkedIn strategist that has amassed a global following of over 225,000 on LinkedIn. Not only has she authored hundreds of articles on LinkedIn and become a verified thought leader, but she has helped her clients do the same.

Her B2B digital marketing agency, Linkability, Inc., has helped many clients from Intrapreneurs and Entrepreneurs to Fortune 500 companies work smarter on LinkedIn by leveraging the art of surviving disruption. With her intimate knowledge of thought leadership, entrepreneurship, and global business communications, Kim uses creative and purpose-driven solutions to develop a strong brand presence, generate targeted leads, and maximize online visibility for their clients.

Kim has changed the lives of many, not by selling products but by?solving?problems, and she can teach you to do the same.

Are you looking to strengthen your LinkedIn strategy to stay ahead of your future career goals? Let us help – reach out to us today!