Corinne Mills a specialist in developing careers for finance directors and senior company staff looks at how everyone should prepare for the time you lose your job.

Working in finance means that you should have a clear picture of the organisation's financial health and robustness. When things are tight and the projections gloomy, at least you are usually one of the first to know.

However, even finance directors can be unprepared when their job is on the line: you may think you are irreplaceable but the CEO or the board may view it differently.

So what can you do to assess and manage the risks to your career in the current economic uncertainty?

It's always easier to find a job once you are in a job, so whether you can see dark clouds on the horizon or not, these are some tips for what you should be doing right now as insurance for your career:

Network

Make a list of all of your business contacts e.g. suppliers, partners, customers and so on. Over the next couple of months make a point of having a longer conversation with them, perhaps over a coffee or lunch. Find out more about them and their career history, rather than just the job they do now. This can reveal all kinds of connections, which may be of use to you later on. If and when you are actively looking for your next role, ask them to keep their eyes and ears open for you.

Update your CV

Update your CV now so that you can immediately take advantage of opportunities that may arise for interviews or networking meetings. Your CV is not just an historical record of where you have been. It is your advert and needs to show why you are an asset to an organisation. Specify your knowledge and experience and how you have helped the organisation to strategically develop. Also include some softer skills like people management, influencing skills etc. You also need to come across as someone who the senior management team would like to work with i.e. professional, credible and interpersonally skilled.

It can be tricky to be objective on this, so ask someone you know whose opinion you trust to look at your CV for you. Your CV should help prepare the way for a positive interview. It needs to be genuine, well-researched and relevant.

Head-hunters/agencies

Research the firms working in your area and contact these while you are still working. Always treat an interview with an agency or head-hunter as a formal meeting and prepare accordingly.

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You need to present as very focused and clear about what you have to offer and what you want next. Cultivate these relationships as it could easily be six months before a suitable role emerges. Remember that their client is the employer, not you, so they are under no obligation to put you forward for a job or find you a role.

Be visible

Make sure that you are visible in your sector or market. Attend conferences, sales events, write or appear in media articles, join industry working groups, become a trustee of a charity. Put yourself in the position where you are known by others in your industry. When head-hunters are researching candidates for a potential vacancy, they will often ask for recommendations from people in the field. The more visible and networked you are, the more likely you are to be remembered.

Research the market

If you've been in your job for a while, then it can be easy to lose touch with the market and what employers are looking for. Look at job adverts, talk to agencies and contacts to determine who is hiring and what they are looking for. Ascertain how your current 'offer' positions you in terms of the market.

If the feedback highlights any gaps, then act now to bridge these. This could include training, gaining experience in a particular activity or visiting relevant organisations.

Exit routes

Look at the exit terms in your current employment contract. How much notice has to be given by either side? Will they provide outplacement help? Are there any restraint clauses that will affect your ability to work elsewhere? Take legal advice if necessary. Forewarned is forearmed.

Professional help

If you think that you may be leaving your company, either voluntarily or involuntarily, then it is worth considering outplacement and professional career coaching help in managing the transition to your next role. The demands of the recruitment market are underestimated by most people. You may be very good at your job but you are not necessarily your own best publicist.

A good career management company can significantly increase your chances of finding your next role quickly and can support you through what can be a surprisingly challenging time.

There has also been a huge growth in the number of individuals investing in career coaching, not because of any immediate threat, but because they want to proactively progress their career. The lack of career support from organisations has meant that individuals have sought help from external specialist providers to help them review their options and accelerate their career progression.

Given that your career directly effects your wealth, health and happiness, then the return-on-investment is likely to be high.

And finally...

It can easily take six months to find another senior finance role, sometimes longer. Even if you saw the advert tomorrow for your ideal job, it could still take three months from the time the advert is placed to your first day at work.

When market conditions are difficult, it pays to be prepared. The best way to do this is to be proactive now and ensure you are 'market ready' if the need arises. This means that if 'push' does turn to 'shove', you are well placed to move quickly into a new role.

...Next time

If you learn that your P45 is definitely on its way, then catch next month's column which will look at the key job-search strategies you can use to find your next role.

Corinne Mills is managing director of Personal Career Management, one of the UK's leading career coaching companies. She appears regularly in the media and has written for newspapers and professional journals. Her book 'You're Hired! CVs' is being published in December 2008 by Trotman Publishing. Personal Career Management specialise in outplacement and career coaching. Individuals work with their own personal career coach in a fast-track programme to help them achieve their career objectives.

Next month's article will look at "CV Tips - What every FD should know about writing their CV"