THE TOP 10 PRACTICAL THINGS TO DO TO SURVIVE AN ECONOMIC DOWNTURN
• Downsize quickly
• Take responsibility
• Forgive yourself, forgive others.
• Give yourself time to recover
• Back to the drawing board
• Implement your next plan in spite of your fears
• Go slow but steady
• Ditch the naysayers
• Believe in yourself , fail forward
• Stay positive in a negative world
1. DOWNSIZE QUICKLY
This is a major key to survival in the business world. Why owe workers for months on end? This is wrong at every level. Optimism is always good in business but reality is king. If the business isn’t working like you had hoped, the cash flow is just not flowing then by all means do the needful. Downsize!
Rightsize! Just do something. Workers can always be recalled, new workers can be employed and trained when things pickup. It’s painful and uncomfortable but the right way to go. That’s what I did and I shared that HERE.
The idea is to keep your overhead at its lowest and just survive. Stopping and trying to start later is a lot harder than just surviving. Sticking it out! Downsizing your lifestyle is also key, this is where it gets really tricky and annoying. Cutting back on the those expensive holidays abroad, first or business class travel, the shopping, those super amazing 5 star hotels, the perks, the toys, the weaves…. etc.
The idea is to survive. For that to happen you must do the needful. Stop trying to keep up with the joneses and I know by now you are probably the jones others are trying to keep up with. Time to get real, wake up and smell the coffee. This is no time to be a philanthropist or impress your village crowd.
They are already impressed you made it this far but going forward you’ve got to sit, think and strategize your way out of your current dilemma.
If you have to change the expensive schools your kids attend, DO! The ones abroad, by all means bring them back. Most of us schooled in Nigeria and we are good, really good. A lot of businesses also bleed internally from bad business practices, lack of proper accounting, incompetent staff and sheer mismanagement. When it’s all said and done, anyone that has been there, done that and spent the night would tell you a little bit of trouble makes you a very smart person. It did for me!
2. TAKE RESPONSIBILITY! Loading…