What's Next? Charting Your Course in a Sluggish 2023

Eight months in, and it's safe to assume the 2023 calendar year won't be vintage. Sluggish corporate M&A, a slowdown in sponsor activity, funereal ECM, an uncertain macro,  completion risk across the board. There are some brighter spots—core infrastructure, renewables and mining being the most notable—but even those sectors haven't fully escaped a pervasive slowdown in getting things over the line. Things are certainly picking up,  teams are busy on meaningful work, but monetising it remains a key challenge.

What to do in such an environment? Is it time to strap in for another ride or hang up the boots and try something else? Something exciting, different, completely off-piste. It's certainly tempting when the headwinds reach a certain velocity or each year feels a little like Groundhog Day. We will no doubt read more on those at the apex of the market deciding to pull up stumps and transition away from their normal stomping grounds. All well and good, perhaps, when the mortgage has been paid off and the kids have flown the coop. For mere mortals elsewhere, the decision can be more complex.

A challenging market is a time for reflection, however. We know it will bounce back at some stage soon (or slither up gradually, depending on your disposition) and there are signs the market is already gaining  pace and confidence, especially in M&A. More trying years, not to mention less financially lucrative, can afford us the opportunity to think a little bit more deeply about our next move. It may sound cliché to ask these questions, but they are important. What do you actually enjoy doing? And its corollary, what am I good at? Where do I want to be in 10 years' time? Realistically, how am I going to get there?

The temptation, of course, is to chase the dream. Bankers chasing buy-side, for example. But it may not be as sweeping as that. In a small, tightly held Australian market, the dream move is often out of reach anyway. What is sensible is to drill down on what you're experienced to do, what you're suited to, technically, emotionally. How can I best leverage what I've built to date? This often turns out to be in the same field as where you are currently, just in a different context.

A new culture, a new structure, a new group of leaders or mentors, a new sector to cover, or a change of strategy. This can be more than sufficient to provide the right stimulation and feeling of change that we all crave from time to time. All of this consideration may even result in you staying put. The grass isn't always greener, and you may be able to find change within your current situation. But to have thought about things, to interrogate what you really want and need (not what is expected of you), is where the value lies. After all, "a man who does not think for himself does not think at all."

We anticipate opportunities to present themselves over the next six months for individuals looking for change. And this applies to employers looking to strengthen their bench as well as candidates looking to change things up. Before the inevitable inbounds start to build, as the market firms up, we recommend doing the thinking upfront. Be clear minded and focused on where you want to be tracking, how you want your career to play out or your team to be structured. Make sure you're in the right spot or on the right trajectory to achieve those goals.

We look forward to spending time with both groups, helping with their thinking and hopefully presenting interesting solutions along the way.

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