Feeling Redundant?

The satellite industry has been experiencing monumental changes over the past few years. The global pandemic has certainly sped up the inevitable. Right now, that means large corporations saving cash! That translates into job losses. In recent months, I have been contacted by friends and colleagues who have found themselves in this tricky position.

The first thing everybody often does is update their CV; it certainly seems to be what everyone talks about first.

Well, maybe that is the wrong approach, especially these days.

Maybe, if you find yourself in this position, then some lateral thinking is necessary.

And before you say anything, I have some experience of this!

My case was simply down to a choice, probably an executive decision, didn’t feel like it at the time. In the late eighties BT had to “downsize” and initially it went through the usual redundancy process. By the April of 1992 it was told by the “city” to lose another 30,000 that same year! That is where a choice was laid on the table for all BT staff.

A booklet was produced by BT, it clarified everything you needed to know and what you left with. A remarkable document for BT at that time, cleverly done and well thought out for a change, and yes, I am talking about BT here 😊

I had, by that time, often stated to colleagues that given a chance I would change course. So, I took the decision to leave! What a moment, and yes BT looked after me during the process. I went on courses to help in looking for work, and yes, you guessed it, writing of the infamous CV…

But I already had a plan and job hunting was not included.

Why? Well, everyone else, due to the general financial state-of-affairs of our planet at that time, was “downsizing” to! So, what was the point of looking for a job let alone writing a CV. Is history repeating itself I wonder?

The real answer was to create a service or a product, that is, create a business, something that would fit the opportunity. With corporate’s downsizing that did not mean there was a lack of work, they didn’t want permanent employees to do it, just by contract. There was the clue!

And yes, as they say, the rest is history. I started to build a contracting and project management business, it was successful and then expanded in to developing a Network Management product. And here I am, still messing about with my business some 28 years later 😊

Mind you, and most of you who know me have often heard me say the following about this approach…

Going it alone…

            i.    The grass is not so much greener but maybe a little browner, and…

           ii.    My Headmasters report – quote “ Martin could do better!” 😊

So, thinking this through to the ‘now’ moment, I would be looking at this problem in a different light. Ask yourself…

a.    What can I offer the Industry?

b.    Service or Product, or Both?

c.    Can I partner up with others? *(Always strength in numbers and like-minded colleagues may well be leaving your company or other companies you have worked with. So, get together (socially distanced of course) and talk.

Some advice…

I think having a product is key to the solution. It gives your company something unique and ‘solid’ to trade with. Don’t be afraid to start off as a service yet have an outline product plan in your head. It will change depending on progress, but you will need to be more dynamic than you have probably been used to.

Keep your business simple to start off with…

There is no need to rush in to being a limited company. Sole trader does not sound so great, but it is simple to start and get going. Easier to change plans at that level until you have the core of your business running. You can get yourself a DUN number and, what is often not known, a NATO CAGE Number is a real benefit for many government contracts. All that can be done for zero cost. If the business gets going and your on to something, or you have the beginnings of a successful product line then open a second business as a limited company. Now your accountant can really help you manage your finances well. By the way, get a good accountant on your side, that need not be an expensive option, but quality matters.

Remember, I started Colem Engineering, then added Colem Communications Ltd, sold that, and still have a solid base (now a partnership) of Colem Engineering to continue to work from.

Get used to home office working. Make it real. Develop your network from that office. Be professional, setup and be sure your company has all the tools to provide the service or product. Be disciplined, think like a corporate but use your own enthusiasm to create the innovative buzz.

So, that’s it?

Going it alone or with a few colleagues will be very hard. You will need energy. Try to build a service business up so that any product development can be funded by service contracts. And don’t let age be a barrier!

Try to get ahead from day 1. Right now, data analytics, machine learning and artificial intelligence are areas where more is needed. The main push in this area has been to influence and assist the consumer and targeting sales. The opportunity is to develop products and apps that use these analytics to manage the business’s technology and service management. And the satellite industry needs this now!

If it is going to be hard and you will be challenged, think how to grow, be dynamic in your planning, and as a very successful friend of mine told me way back in 1992, before I had even started: start thinking of the way out! Weird? I am so glad I held on to that thought over the years. It made me plan and re-plan and diverge…

And what a ride it has been. Not for the faint hearted, you will probably be close to broke a few times but compared to my previous 22 years in ‘The GPO’/BT it was the best thing I ever did! https://www.martin-coleman.co.uk/blog/