5 ways to survive the COVID19 recession

No doubt this pandemic is hitting us pretty bad. The economy was already moving slow and this whole catastrophe has made it worse. I know it’s bad and I am not even trying to sugar-coat it. Because that’s not going to help. It’s like depression; unless you talk straight about your feelings, no one can help you, including yourself. So, let’s talk about it.

We have all the market stats at the tap of your fingers. Here I am trying to delve into the tactics beyond numbers to survive –

  1. Educate Yourself . We are in a digitalised era. We couldn’t really predict the potential virus outbreak, but we have mostly all means to predict and estimate the potential damage it can do or the trends that it will let emerge and sustain. Identify them. Educate yourself. Now that we are almost 3-4 months into this environment, we have developed quite a familiarity with it. I am not saying it’s comfortable, it’s not; but it’s familiar now. So, indulge yourself in something that prepares you for tomorrow. It can even begin with you learning to trade in stock markets. On macro level, encourage and align your employees towards learning and development.
  2. Diversify and Enrich your services. Some of us have already figured and laid out next 6 months financial plan. The car we are driving is already at halt; why not keep the car on neutral and find another set of wheels to drive in the meanwhile. Find complementary or supplementary services that you can offer and that will address potential problems of your audience. Let’s leverage this pause.
  3. Health trumps wealth. If there is one thing this pandemic has taught us is that there are only a few things that we can justify prioritising over health and money doesn’t make that list. In order to survive the recession, learn the mandatory tactics to survive. Prioritise health – of your people and yours. When people know you care, they stay. And as we know human capital is the most essential capital to survive any hit.
  4. Talk. Discuss. Ask for Help. Believe it or not, it’s an essential tactic to survive – life or business. We are an efficiently connected species. That’s our strength and we need to use it. If you or your business is at stake, ask people for help. The worst answer is ‘No’ and that’s not so bad. Share compassion. Help others. We will not get past recession if we don’t contribute to our community.
  5. Advertisement or no advertisement. It is observed that investment in advertisements and marketing helps during recession. But that’s not for granted. Health concerns bring in the need to save. Read and listen to your financials. Identify your priorities.

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