How to deal with a global financial decline ?

Updated: Mar 30

Since we are all caught in this situation with Covid-19, I thought I should dedicate this blog to the current situation from the business perspective.

Every time I open Facebook or Apple News or Instagram, there are a lot of negative stories, tears and blame on the current government measures.

I always followed one thing: if you reject something, suggest a better option. So many business owners complain about the situation, however, I haven’t seen them actually suggesting something better.

Yes, social isolation has damaged your businesses. Yes, many people have lost their jobs. Yes, it is frustrating. But what do you suggest then? Let it all go and be the next Italy?

I believe that there is always a solution - if you don’t see one, your business wouldn’t survive in a long term run regardless of the virus situation. Be creative, deploy some digital approach.

If you need to meet your clients, make it easy for them to contact you through your website, take orders, and provide virtual customer services. Have zoom meetings, deliver what you can on digital platforms. There are many things you can do using digital tools.

Stop complaining - read the current information about stimulus packaging and apply for the support from the government. I came from another country where this type of support that covers almost everyone can only be a dream. Basically, you are on your own even if it is not your fault. You have better options here - use them and stop complaining.

Another thing is stop spreading negativity. We all are caught in it and the only way we can go through is stay together and encourage each other to keep going. Positivity attracts positivity - I witnessed the power of positivity many times and I can say it works.

This is a tough time for many Australians - statistically only 3% of Australians are ready for retirement. This fact tells me that majority of the nation doesn’t have any saving on their accounts to cope with the situation. This is where the panicking is coming from. Hopefully, it will make many people think clearly about their future strategies.

Cope with it a few months - cut your expenses, watch your income. Make your income to be in a positive number. Review your expenses. Many things are not essential now. If you are lack of something to keep running your business - look around. There are a lot of businesses that are happy to support your in exchange of similar support: referrals, exchange of services, free consultations.

Use this time as an opportunity to upgrade your business - take on some extra trainings and development courses - there are over 200 universities that offer free online courses - learn something new that will help you to do your job and business better when things get back to normal.


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