Corporate insolvencies have reached an all-time high, with liquidations and administrations on the rise across Australia. Small to medium enterprises (SMEs), the lifeblood of our economy, are collapsing every week, and consumer and business confidence are weakening. Even large corporations are undergoing significant restructuring as we approach the end of the year.

In these challenging times, you must be prepared for sudden disruptions—whether that’s a redundancy notice or a surprise restructuring. You need a plan in place now to secure your future, build resilience, and ensure multiple income streams.

How to Protect Yourself in an Uncertain Economy

1. Maintain a Strong Personal Brand and Network

Now is not the time to pull back—it’s time to put yourself forward. Use LinkedIn and social media to share your thought leadership and stay visible in your industry.

• Engage actively with corporate headhunters to ensure you are on their radar.
• Network strategically with key contacts to keep opportunities flowing.
• Stay connected with professional communities—this is the time to reconnect and stay engaged.

2. Create Multiple Income Streams

It’s no longer enough to rely on just one source of income. Diversifying your income streams provides a buffer and helps protect against unexpected disruptions. Here are some ways to generate additional income:

• Board directorships or advisory roles—offer your expertise
• Consulting, coaching, or mentoring—leverage your skills
• Freelance work—short-term projects in your field
• Teaching or facilitating workshops—use your knowledge to educate others
• Launch a small side business—consider an e-commerce store, tutoring, or offering specialised services like photography
• Develop digital content—explore paid online courses or content subscriptions

These additional sources not only provide income but also offer new opportunities for personal and professional growth.

3. Tap into the Hidden Job Market

In this economic climate, many roles are not advertised publicly. You need to leverage your network and proactively seek opportunities through personal connections.

• Be open to compromises—you may need to adjust expectations around salary, location, or the type of work.
• Consider contract roles to maintain momentum and keep your skills sharp.
• Stay flexible and adaptable—the more open you are, the more options you’ll have.

4. Reassess Household Finances

To protect yourself during uncertain times, it’s essential to keep your household budget in check and avoid unnecessary spending.

• Cancel non-essential expenses and avoid accumulating credit card debt.
• Reconsider large purchases or holidays—focus on saving instead.
• Simplify Christmas—bring it back to family values and avoid overspending.

Building financial buffers now ensures you’re prepared for whatever the economy throws your way.

Plan for 2025: Secure Your Career and Income

If 2024 has been challenging, with redundancies or a prolonged job search, now is the time to commit to a better 2025. Plan ahead by developing multiple income streams, expanding your network, and setting clear financial goals. Don’t let yourself be caught off guard again.

Book a Career Planning Session with Kylie Hammond

If you’re ready to broaden your career pathway and explore additional sources of income, book a complimentary career assessment with me. I can help you:

• Identify new income streams aligned with your skills
• Develop a strategic plan for career growth in 2025
• Explore board opportunities and business ventures
• Build a resilient career portfolio® that offers both financial security and professional fulfillment

Together, we’ll create a plan to ensure you’re prepared for the future—whatever it holds.

Let’s Build Your Future Together

2025 is just around the corner. Start planning now to secure your career, diversify your income, and protect yourself from economic uncertainty.

Visit www.kyliehammond.com.au to book your complimentary career assessment or explore how I can support your career goals.