Recession is a great decline in economic activities. Surviving economic recession can be challenging for businesses and individuals.
We all know Nigerian is currently in another recession; lots of people have been downsized or underpaid. How do you survive these trial times?
The truth is if your organization goes out of business, you may loss your job. As an employee, the best way to secure your job is to make yourself indispensable at work.
‘’ So I think the winners in recession are the people who produce new technology that does things better, which people really want.’’ – James Dyson –
The times that we are requires effective financial planning. It is wise to reduce extravagant lifestyle and avoid acquiring debts. Other ways to remain financially buoyant is to cut off from non-essential spending and seek for a side hustle.
For business owners, the following roles on how to survive recession could be helpful.
-Build strong relationship with your existing clients.
-Stay off debts.
-Downsize and retain only productive staff.
– Manage funds effectively
– Create an emergency fund.
“The recession has forced many entrepreneurs to draw on hidden reservoirs of courage get up, and dust off and get back to work.” – Timi Nadela –
Recession is unavoidable, however if you plan ahead; your business can survive and even grow stronger during a great decline in economic activities.
Have a great day. Stay safe!
Source: Ben Le Fort “How to survive recession and come out stronger.”