Learning Curve

 

Can you survive a recession?

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Are we really going through a recession? Is recession all doom and gloom?

Recession, a prolonged period of time, 6 to 12 month, when economy is slowing down or contracting.

Recession is likened to winter season, plants die or stop growing, the garden looks dull and lifeless. However, just like a change in the season, as spring approaches, the garden will slowly revive with new shoots and hence a revival of life in the garden, recession will pass and the economy will slowly revive again. 

Question: How can you ride through the recession period and be still standing when spring arrive? Can you survive a recession?

Yes, you can survive a recession, with prudence and perserverence, you will be prepared and ready to reap the benefits of spring when it arrives.

Things you can do to ride through a recession-

Continue your work. Work is a good distraction to the doom and gloom of recession. Work will provide a decent and healthy living standard for the family. 

Share or teach what you know. This is the time when many people will want to learn a new skill and as they would not be spending much, it is likely that people will want to develop themselves. If you have a special skill or knowledge, this is a good time to pass it down. 

Relocate or downgrade your home if needed to another good location that is less costly. 

Learn a new skill or develop yourself further by going back to school. When you enrich yourself with more skills or knowledge, you will reap your benefit when the recession pass. 

Be creative with your approach to business and work during a recession. Create new ways to stay in business and keep your customer. 

Nourish your mind and spirit. Be positive. Do not fall into the trap that all is gloom. Think of the cup as being half full instead of half empty. Have a healthy lifestyle, exercise regularly, eat properly and spent more quality time with family and most importantly yourself. Meditate to relax and to take away the stress. 

Make it a family effort to ride through the recession. One way is to encourage teenager of a legal working age to take up part time job to help the family during the time of recession. 

Cut down your expenses. Conserve and spend only on neccessity. Reduce energy cost by being prudent with energy usage at home. 

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Take public transport like buses or train to reduce fuel costs. 

Only buy nutritious food that will help you maintain a healthy body. 

Consolidate your accounts. Organise your finances. Keep your banking system simple and reduce the number of credit cards. Terminate credit cards that charges high interest and annual charges. Look out for good fixed deposit with the highest interest account for your savings. 

If you have your own business -

Know your business cycle, recognise the peak and slow period of your business and plan new strategy to adapt through the cycles. 

Have a positive attitude, look at every challenge as an opportunity, change direction if require as it will help you move ahead during a recession. 

Do not get depressed as you will stay stagnated. 

Work hard and be flexible. Have a good work ethic. 

Care for your customer, cherish them especially during a recession. Remember, your customer are also affected by the recession, so any ideas or ways which you can help them save money and grow will always be appreciated and will form a strong foundation for a lasting relationship. 

Have effective communication. Listen to your customer, your employees and associates. 

 

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Inspirational Quote of the month

"Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.

- Dr. Seuss

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Life Skill Tips of the month

Harness your creative power

Think logically and then laterally. Sometimes the most creative idea start from a logical analysis and then expand it laterally, look at all variations and think outside the box. Keep an open mind, do not restrict your viewpoint, never discard any ideas and avoid people who are negative.

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