Checklist: Contract Exit Strategy 


Last time we looked at some of the key things that contractors can do to promote themselves and their business effectively. But what should you be thinking about as your current contract draws to a close? Do you have an exit strategy in place?

For contractors, securing that next assignment is the holy grail. You will need to start preparing for your eventual leaving date at least 6-8 weeks before your contract ends. Given that you will typically have to serve a four-week notice period, this will allow a little extra time to plan ahead, contact agents and tap into your business networks.  

Landing your next contract

Despite the obvious distractions, you need to focus on the job at hand and not get sidetracked by too many phone calls. Maintaining the highest professional standards and ethics is non-negotiable. You must preserve your reputation and that means being a consummate professional from the first to the very last day.

Whether you’re managing a team or are part of one, you have a responsibility towards your colleagues to ensure that deadlines and deliverables are met. As a manager, your team will not only rely on you for direction but for their development needs as well. Before leaving, ensure that there is a seamless handover process so that those remaining and any incoming resource are fully up to speed with all work streams.   

Exploring your contract options

At this stage, it’s a good idea to let all key stakeholders know that your contract is coming to an end. There’s always a chance that you might get an extension with an improved day rate or potentially another opportunity might arise with the same organization. You may have already agreed to a new contract with a new client, in which case you’ve committed and should see it through.

It is inevitable that your thoughts will drift to securing a new contract – after all, it’s your livelihood and you need a regular flow of income coming in to cover expenses and living costs. So you will need to update your CV, sound out agents and alert your business networks. Just make sure you do this in your own time and not the client’s.

Exit strategy – 5 top tips

1. Keep focused on strategic objectives and outcomes. You have a job to do and a responsibility towards your team and client stakeholders.

2. Avoid making calls during work hours. Agents typically start their days early and stay late so there is no need to disappear for hours on end.  

3. Never criticize or bad-mouth anyone. You might be feeling frustrated with good reason but always leave on a good note.

4. Prepare comprehensive handover notes. Include a record of all important documents, outlining processes and procedures plus any other relevant business related issues. 

5. Finally, have you told people that you’re moving on? Whether you’re looking or have something signed and sealed, let key stakeholders know well in advance. 


We’d love to hear your thoughts, so please share your experiences.