By Mary Jaksch
For many, this global recession is a time of anxiety. None of us knows what challenges we may face in the future. What we do know, though, is that at some point we will come out of this difficult time. The question is: how will we come out? Will we have made the most of our opportunities?
Risk versus opportunity
In challenging times we need to balance risk against opportunity. That’s not always easy. I think that we often forget to look for opportunities in tough times because fear makes focus on risk and danger. But it’s in uncertain times that we can find the greatest opportunities. Because we get shucked out of our safe pod and are then able to re-think our life.
So here are seven strategies that we can adopt in order to flourish in tough times.
7 Ways to Survive a Recession
- Deal with reality
When things get tough, we tend to seek refuge in denial. We think: “It can’t happen to me.” It’s important to be realistic – as well as optimistic – in tough times. Take a close look at where you are vulnerable. Is your job in jeopardy? Are you struggling with your mortgage?
- Focus on core skills
What are you good at? Are you honing those skills? Or is your focus on side issues?
- Improve your productivity
Make each hour count. Check out how much time you fritter away in front of the TV or through other passive activities.
- Let go of what holds you back
Are there activities you do that you don’t particularly enjoy and that have no potential for the future? Let them go. Do you associate with people who hold you back? Choose to spend time with positive people.
- Have a contingency plan
Have a set of plans ready for bad scenarios. You’ll be much better prepared and can swing into action without losing important time.
- Network with others
Strengthen your professional safety net through networking. Think of teaming up with others for projects. The power of synchronicity can magnify your potential success.
- Develop new skills
It’s important to keep on upskilling, especially during tough times. If you learn new skills or strengthen the ones you have, you’ll have more career choices. Each new skill also opens up a window to more opportunities.
If you follow these seven strategies, you are likely to survive - and even flourish – in a recession. In fact New Zealand Trade and Enterprise recently studied multinational businesses that survived – and even thrived – during the economic upheavals over the past century and found that they employed seven similar key strategies: core business focus, efficiency, divestment,contingency planning, acquisitions, advertising, and research and development.
What do you think of these strategies for surviving the recession? Please share in the comments.
Photo by Just Being Myself