Recessions are short-term, but how you use your time now can settle well into the
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July 22, 2020 4 minutes read Opinions expressed by Entrepreneur contributors are their own
. The Great Economic downturn of 2007-2009 was one of the most hard durations of my life, however I survived it, learned some valuable lessons, and eventually emerged in a far better place as an entrepreneur. Now, even though the coronavirus pandemic is triggering both a health and recession, I’m positive I can survive this difficult period, utilizing my previous experience of conquering an economic downturn. And other business owners can also do something about it to make it through to the other side.As tacky as it might sound, I can state from experience that it is essential to stay favorable and positive every day. Take a few minutes to consider what you’re grateful for and what chances you may have so that you can be in a good frame of mind to start planting seeds that can ultimately flourish later on this year or in 2021.
Develop an emergency fund
For those who already have customers and continue to have some opportunities to earn income now, do not take this for approved and presume you can make it through the crisis unscathed. Work hard now and build an emergency fund with the earnings you make so that if your service decreases, you’ll be able to get through some lean months. Your customers may have the ability to still deal with you now, but who understands what the long-term economic results of this pandemic will be.As a disclaimer, I’m not a financial advisor, but I can say personally that building a savings cushion can take a great deal of stress away and has put me in a better state of mind to grow my company. If you require help in this area, you can discover lots of resources online from financial experts advising just how much to save and how to budget plan. Money can be a taboo topic, however there’s no shame in needing help, particularly if you’re making the effort to improve your monetary knowledge.Related: 8 Ways the Crisis Will Forever Modification the Future Labor Force
Connect to everybody
Whether you currently have customers or need to start developing your business, be proactive and connect to anyone you have actually worked with in the previous or any prospects to check in and see if there’s any method you can provide your products or services to them.You’ll most likely get a great deal of rejections, as numerous organisations need to be conservative with their costs at this time, however if you expand your reach as broad as you reasonably can, you will find organisations that are still going complete speed ahead. Many software application companies can run remotely and may require aid to support their own customers’ shift to working from home.Invest your time If you have more time on your hands now, whether that is because of a downturn in your service or because the time you would have spent on other activities during weekends and nights is now complimentary, you can build up locations of your business and your own skillset that you may have been putting off.For example, you can utilize this time to create an online portfolio, set up an
e-commerce site, expand your social media presence, or any other activity that you might have wished to do however couldn’t find the time before. While these actions might not immediately result in consumers, they can help you build a pipeline of future clients.Similarly, you can read articles, watch webinars, take online courses, and so on. There are so resources readily available on everything from how to be a better online marketer, to how to code, to how to develop your own graphics, which you might be able to use to your own organisation. At the minimum, if you think your own entrepreneurial organisation is not likely to endure, you could discover how to make yourself more valuable for business tasks at other companies.Navigating this crisis will not be simple for lots of business owners, but there are steps you
can require to put yourself in a better position. And keep in mind, one way or another, you can make it through this.Related:
How to Handle Throughout A Crisis: Sort Whatever Into”Now, Next, or … Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.