Create an exit strategy
An exit strategy is a plan for leaving your job gracefully and professionally. It is a multi-step process. Mine will take six months to complete. Show respect to your bosses, co-workers and affiliates. No one expects you to work a job until the day you die. However, they do expect you to leave professionally as long as you make that decision.
You have to stay on good terms. This is a very small world, and a former boss can end up self-employed (or worse, unemployed) and become a very valuable customer, partner or resource. It always amazes me how people change when they leave unsatisfying jobs. I know a woman who became immensely happier after leaving the office of a hostile architect. He never would have suspected that she could be happy if she hadn’t seen her walk away from that unsatisfying workplace and go into her own new business of hers.
When you formally notify your employer that you are leaving, you will be an instant celebrity. Coworkers will ask where you are going, why you chose to make the change, and who will take your place. Co-workers will also be watching closely. They will make sure you show up on time and work a full eight hours. They will make sure that you are really working. They will watch when you leave. Coworkers will look at you differently, giving you looks that range from “The bum is finally leaving” to “I wish I had the courage to do that.”
You also need a written resignation letter. This needs to be professional as you don’t know who else besides your boss will read this. After telling your boss, you can write something vague and complimentary, such as “As we discussed, I will be terminating my employment here on June 30. I want to thank you for bringing me on board, teaching me valuable skills, and treating me friendly.” ambient. Thanks”.
This resignation letter may be the most important document you create at work. It’s also a golden opportunity to thank your employer for giving you a wonderful job, even if it may be anything but. In any case, the resignation letter is not the vehicle to show your dissatisfaction. If you have problems with a co-worker or anything at work, write your problems down on a notepad and then record it.
Your boss or boss may call you into the office, close the door, and say, “What can we do to keep you here?” This would be the counter offer and I recommend that you reject any counter offer as invalid. You don’t go for more money, you go for something better.
When I was living in cubicles, a coworker named Kevin, who I respected a lot, quit and gave our employer two weeks’ notice. Two weeks passed. The following Monday, our boss called a staff meeting and Kevin walked in. Our boss started the meeting with, “I’m sure he’s heard that Kevin quit. Okay, let’s start the meeting.”
My impression of Kevin never recovered from that. What did the company do to keep him on board? Did they offer more money, more vacation time, a signing bonus? Nobody knew. One thing was certain: Kevin’s loyalty was suspect. They all knew that if the firm ever wanted to fire Kevin and replace him with someone cheaper, they could justify it by citing his disloyalty. Don’t put yourself in Kevin’s position. When you announce that you are leaving the company, you are really leaving and you are not considering any offers to stay.
Your last two weeks of employment are not the time for anything casual or adverse. That includes going to the bar with your coworkers and discussing how everyone hates their job. News of people quitting or getting fired travels fast. You have to leave on a positive note and give your coworkers a final professional impression of you.
Create your exit strategy timeline
I suggest you create a six month exit strategy timeline. This will give him time to figure out what he wants to do, prepare for the transition, and be ready for when he wakes up one day and finds himself working for himself. I have created a sample timeline that starts on January 1 and ends on June 30. When Independence Day comes, you can celebrate the Independence Day of your career.
You can have a party. You can have a ribbon cutting at your workplace. You can eat cake and act like your new baby is coming home that day. Invite friends, neighbors and professional contacts. Start your new career with a bang.
You can follow this timeline.
January: Check your relationship with your employer
Check your personal file. Check the vacation and sick time you have increased and at what rate you are increasing them. Look for any derogatory items in your file. Look up the author and ask for an explanation or a retraction. Write a memo disputing everything the author said. For example, suppose someone complained that they saw you drink alcohol on company property. Write your memo contesting his claims, saying that he has never consumed alcohol on company property or that it was at a social event (Christmas party, new client celebration, etc.) and his boss gave you permission. Be honest. You may need your employer as a reference. Make sure your file shows you a positive light. Anything derogatory should be outweighed by something favorable.
Look for any non-competing contract. They may be in the personnel file, or they may be elsewhere in the boss’s or human resources office. Someone will probably ask, “Why do you want to know?” Let’s say you may be starting a business some day.
Get the insurance details. Find out how much you and your employer (combined) are paying for your insurance. Make sure this amount includes what you (combined) are paying for your family.
Get your own books on self-employment. If you’ve been borrowing them from a friend, thank that friend for letting you. You should have your own copies so you can make notes in the margins and on the dog-eared pages. You will have access to your books 24 hours a day. Most are available paperback at modest prices. Make a small investment here and get your own copies.
February: Sharpen your saw
Write your Ultimate Mission.
Decide where you want to do business. Yes, this includes checking cell phone service, internet coverage and the tax structure in the place where you want to open the store.
Do your SWOT Analysis. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. You can google “SWOT Analysis” and find valuable information at no cost.
Create your elevator pitch and remember that you are currently employed but looking to change careers. He can start his with “I’m researching setting up my business, which…” Remember, he’s still in the cubicle. You have to honestly share that information every time you share the elevator pitch or explain why you bought these books. Be accurate and honest.
Get cheap. Start accumulating cash for your business. Cancel any vacations or major personal purchases. You have better uses for that money. Frugality is a habit. You need 21 days to adopt a habit. Make personal frugality your priority.
Make gift requests count. My family posts Christmas lists, so I asked for a Sprint gift card. I received one and used it to buy a new phone that I use for my business.
Create an entity. This includes registering your Internet domain name(s) and official business name. Set an email address on one of your domains.
March: Establish your presence on social media
Create accounts on Facebook, LinkedIn and Twitter. If you are too busy or uncomfortable, hire a professional to do it for you.
Get a professional photograph in electronic format. Upload this to your profile on Facebook, LinkedIn, Twitter and any other site you choose.
Create a blog. Establish links between the blog and the services that I describe (above). If you are too busy or uncomfortable, hire a professional to do it for you.
Establish some mechanism to store your passwords. There are several available, but I recommend using a free online password manager called LastPass. Finding yourself disabled because you can’t log into a website is downright silly. Don’t let this happen to you. I made more money in 2009 helping people recover lost and forgotten passwords than I did by killing viruses and malware.
april: Get enterprise-class tools
Buy a smartphone that allows you to send/receive emails, take photos, browse the Internet, and back up data to a computer. It won’t always be on a desktop, but clients will assume it’s usually available.
Buy an accounting package. I recommend QuickBooks. You can run your business on this. Spend time learning it, or if you’re too busy or uncomfortable, hire someone to do it for you.
Get a business-class computer. The main factor here is the price. The business class computers I resell are $900 and last 5+ years. You should expect this from a tool that you will use to run your business. I’m not talking about a $300 big-box netbook special here. I’m talking about a business-class computer that you will use exclusively for business. Buy a $300 special for the kids. That will help keep them away from your enterprise-class tool.
Use an offsite backup mechanism. I discuss offsite and cloud backup in detail in this book. Review both strategies and decide which one you will adopt. Remember, something is better than nothing.
May: be legit
Create a website or hire someone to create it for you. Since you’re just starting out, you don’t need a fancy one. You need one that works, features correct spelling and grammar, and presents your business in a positive light.
Get professional business cards. You may be surprised at how cheap they get when you order 1,000 or more.
Catch up. I gave you a lot of work in February, March and April. Use free time this month to catch up.
June: Wrap up loose ends
Find a support group for small business owners in your area.
Find small business advocates online. In addition to my Facebook, LinkedIn and Twitter connections, I have found Wall Street Journal Small business on Twitter. Subscribe to this list. You can also connect with me on these three sites.
Filter out the negatives. You are starting a business here, it is not an easy task. Filter out the negative news from your life. This includes late-night network news, political talk shows, and pointless sitcoms. You can find intelligent and positive sources of information both online and on television. This will be a difficult habit. Be strong.
At least two weeks in advance, tell your boss that you are leaving the company. Be strong. Do not accept any counter offer.
Do not Go to the bar with your coworkers.