By Leroy Ferrao- Personality Development Coach, Speaker and Blogger
SMART STRATEGY NO:14 FOR COVID TIMES
5 SUPER STEPS TO BOUNCE BACK FROM REDUNDANCY DURING COVID TIMES
We can be masters or victims of redundancy. Change is speeding up in the last few years, and many are facing the prospect of redundancy in their jobs, positions or businesses. Therefore, you have a few options left, either fight it, accept it and move on or prepare for it.
The reality of redundancy
A frightening change to hit us is being made redundant( no longer required) in a position, job, responsibility or a business. It will hit us hard like an arrow that pierces the heart. Change is overtaking all of us at an unprecedented speed. Look at the redundancy that occurred after the COVID-19 pandemic. It is not if, but when it will happen. You can be angry, play the victim card or wisely move on.
The crucial point to remember is that as a person, you cannot become redundant. Your position, job, responsibility or business is what becomes redundant, not you.
The main thing is to have a plan for every situation. Your Plan B. How can you navigate successfully financial redundancy? The life steering direction questions to ask yourself after being redundant are the following.
What are you going to do today?
What are you going to do next?
How are you going to start making new choices?
Where can my skills make a big difference in life?
Here I present 5 steps to survive and thrive after a disruption that causes redundancy
#1.Build, upgrade and utilize your networks.
If you are starting after redundancy, then some good portfolio of connections will help you navigate the other side of non-redundancy.As a result you cannot make it alone. So, you need to focus on the quality and not the quantity of deeper connections. It can lead to super life-changing deals.
Help others to build deeper relationships.
The number one way to build deeper connections is to create value for your others. So, get connected and learn to build long term relationships. How by offering your products or services even free to get started and let them know that you can help them. Furthermore make it clear to them that you are looking out for long term relationships. The hand that gives, gathers is a well known saying.
Apply the Law of Reciprocity
Always remember that if you help others how they can make money or solve their problems, they will help you in return. This is called the Law of Reciprocity. It is hard work to build the right connections, and it will take a lot of time. Besides, the Return on Investment (ROI) of these connections will be high because it builds trust. These relationships will turn into gold for you. Build deeper and stronger connections in quality and not in quantity, and you will no longer become redundant in life.
#2. Acquire or build cash flow assets.
Are you facing redundancy? Your next move should be to purchase appreciating assets. Therefore these assets will then bring more income for you in the form of cash flow. For this reason, the income from these assets created is passive, the lowest taxed income.
The most common cash flow asset is rental income from real estate. In addition to, acquire or create digital assets like a website, e-books, royalties etc. Not only will it start putting cash in your pocket but also provide fuel during your difficult period. After the cash flow situation improves, you can focus on steering your direction of life from redundancy to non-redundancy.
What is the most valuable commodity in the 21st century? Some say it is gold, some think it is the real estate, and others believe it is bitcoin.
Today the most valuable commodity is ATTENTION. It is the new currency.
If people are paying attention to you, then you can monetize it. The cheapest way is to run ads for other businesses. The second way is to sell affiliate products online. However, the best way is to sell your products and services. Consequently, you will create cash flows and keep you from being redundant financially in life.
#3. Reinvest in yourself.
Create a tremendous shift in your life to become the new YOU in 2021. The secret to change is to focus all your energy on building the new upgraded YOU. You will have to sacrifice who you were in 2020 and transform yourself into the new YOU with self-discipline. Give up the things that distract you and concentrate on becoming the best version of your life. You can create the direction of your life.
Avoid the big mistake of expecting quick results of reinvention.
There has been a dramatic change in life after the pandemic. That is why this calls for a change that is huge to make in your life. The big mistake that people make is that they feel that reinvention is like flipping a switch one time and you should be able to snap your fingers and turn the switch on, and everything in your life will be different. Nevertheless, it takes time.
How do you turn a massive 200-ton ship from the time you start to turn the rudder? The vessel will turn in a different direction after another three to five minutes. Similarly, when you begin to turn the steering rudder of your life, it will take some time to start for you to see the full benefit and impact of that turning. It does not necessarily happen overnight.
Become an expert of your expertise.
You will either have to be reskilling — acquiring completely new skills as you make the shift to a different career — or upskill, where you enhance your current skill-set for competitive advantage and better prospects.
No matter what you do, you already have and use a wide range of skills or expertise in your career and life. But the million-dollar question is, are you considered an expert in the skills or areas you rely on most? Probably not.
Become a student of life even though you are viewed as an expert.
Learning a new skill not only keeps your mind sharp, but it can help you get out of the redundancy trap. Become multi-skilled if you want economic safety for the future. Check out my blog post on the 5 future-proof skills you can develop in 2021 here. You need to create a new upgraded version of yourself as you rise from the ashes and prove that your shelf life has not expired. Do whatever is necessary to become the best version of yourself. Do not accept defeat. Learn to unlock the code to make your presence felt again in a new role and turn the crisis to an opportunity by becoming whatever you have to become be relevant.
Transition from a redundant to a recession and pandemic proof industry.
If your industry has become redundant, it is time now to pivot to a pandemic proof or pandemic proof industry. You can find plenty of opportunities if you are willing to choose an entirely different career path. Study something new on the internet. Use the foundational skills from your previous industry, and you can lend in a better position in the future.
#4.Reinvest the profits back to your business
Experts state that if we invest in gold and real estate, it will retain its value and appreciate it in the long term because currencies will devalue due to the printing of currencies money to stimulate the COVID battered economy.
But investing in such instruments is not easy. Liquidating them can take a long time, and there are safety issues for gold storage.
Profits from the business reinvested back into the business, can earn you the revenue.
Just like a real estate property yields a rental income monthly, your business will yield, sales revenue to protect you from financial redundancy.
Reinvent yourself this year. Start moving towards that life that you have a vision for yourself.
Build Cash Reserves and become debt-free to remain non-redundant.
Cash is the king in a crisis. Multiple options give you the power. Since we live in uncertain times, it is wise to have a minimum of one year of expenses set aside as your emergency fund. It will give you enough time to recover if you experience disruption that causes redundancy in your current position.
What if you do not have a cash balance? No problem. Do you have monthly cash flows in the form of passive income like rentals or royalties? Sell your vehicles, gold, land or other valuable assets to raise cash. Focus on steering your life to your next move to come out of this unwanted situation. You can always buy the things you have sold when you are prospering in the future. Another option is to withdraw from your retirement accounts. If you do not have retirements accounts, then the last option, I will recommend is that you seek help from your family and friends to bail you out of your current predicament.
Become Debt Free to fight redundancy
“Until you are debt-free, your money is not truly yours” How right those words are! When you take loans, you are making the lenders rich. Why will you want to commit financial suicide after being redundant? Make your lenders or marketeers redundant immediately and rescue yourself from this deadliest pitfall invented by paying back your debt. This action will propel you to make the transition from redundancy to becoming indispensable.
#5.Become indispensable
When others have the authority to hire, appoint or dismiss you from a position, you will have an uncertain future. My strong recommendation is that you become the architect of your life by creating your responsibility. Only you should have the power to make yourself redundant, not anyone else.
Monetize skills
To make it happen, you create a position of responsibility or become self-employed rendering a product or service that only you can deliver the best. What is more monopolize a particular skill so that you are the go-to person people can count on in that sphere of life. For example, master the language in conversation or computer programming that is the most difficult. Stay current and up to date with technology and trends, and you will be an invaluable asset to any organization you serve. Build your written and communication skills. People are losing their soft skills because they are more in the online world than in the real world. The world will always require an excellent public speaker or an expert writer. Strive for mastery in skills, and that will propel you ahead in life
Monetize relationships
In short, monopolize relationships with your customers that is crucial to their success, and you are the trusted person they are comfortable to deal with in business.. Aiming for being indispensable will allow you to call your shots and not someone else.
In conclusion,
It all comes to choices. We can remain relevant in our life or chose redundancy. Weeds start growing in the field if there is no cultivation likewise if there are no efforts to cultivate personal growth in life, redundancy is the result. Take these five steps and conquer redundancy in your life.
To summarize, the key to remain non-redundant in 2021 is…
- Build deeper relationships by first helping people solve their problems because if you give what others want, they will give you what you want.
- Acquire or build cash flow assets like websites, e-books, royalties etc. The most important asset is ATTENTION. Monetize it.
- Acquire new skills or upskill yourself to remain relevant to deliver value to your clients, stakeholders, investors etc.
- Transition to a new pandemic and recession industry.
- Reinvest your money in your own business not in someone else’s business or in paper assets as you are in control of its use.
- Build cash reserves to cushion you whenever there is a disruption in the market as it will give you a runway to bounce back from redundancy.
- Become debt free and make your lenders redundant.
- Create your own responsibility or position and make yourself indispensable.
Redundancy can be conquered in this year of pandemic and recession using the above steps and you will progress from redundancy to becoming non-redundant or even indispensable. The bottom line is to stay relevant.
The big question is are you non-redundant?
What are some more steps that can help us be better prepared for the redundancy in 2021? Share your thoughts in the comments.
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