For many people the next couple of months will be very stressful. The Government backed furlough scheme is due to finish at the end of October. I say due to as Germany have today (26 August 2020) extended theirs again. As the furlough schemes end, then companies may not be able to retain staff as they may not currently have the work and / or cashflow, so, therefore, there will be redundancies (but there are Facebook groups such as Redundancy Support, Information, Advice & Guidance or https://www.facebook.com/redundancysupportuk to help with advice on getting through that process).
Now that is the end of the doom and gloom – I like my posts to be positive. Positivity breeds success after all!
Every cloud has a silver lining, and for many accepting the redundancy package and using that to start their own business is what they will do instead of searching for the next role along with everyone else. That business may be a continuation of the type of work that they have always done, but as a consultant or independent. For others it may be monetising a hobby, or branching out into something that they have always wanted to do.
In a recession, having flexibility is key, and there are large gains that can be made. Some of the largest companies around were founded during times of recession, Uber for example set up in the aftermath of the financial crisis. Flexibility can be found, not just in the hours you work, but by using other consultants to help guide you to where you are going, or even evaluating if there is a viable business there.
Such consultants are experts in their field so save your time and stress so are a well worth investment – a good accountant should pay for themselves; a marketing consultant should provide better return on investment for the promotional spend; a HR adviser will explain what you need to consider when your business means that you need to take on staff. You do not need all the skills, you do not need them all inhouse, but you will need access to them to make sure that your new venture flourishes.
27 August 2020