Currently, entrepreneurs have to go through endless difficulties. There are limits on businesses. This has led to financial difficulties. There is always a season of recession coming. But the current situation is even more troubling. There are a few things that need to be addressed on the economic front, which can help ease the crisis a bit. We also need to be stable on a mental level.
We hope you find these tips useful for our business friends:
1. Take control of your spending.
Make a list of your expenses. Estimate how much it costs somewhere. See how to save ten to twenty percent in each place. This is similar to cost cutting in your business. Even if you can save 5-10% per month, it is a big deal.
2. Avoid borrowing in business as much as possible.
In times of recession, borrowings are exhausting. Unnecessary financial pressure increases if your customers get tired. Avoid borrowing if possible. If there is no option without a loan, do not make a new loan until the previous payment is cleared.
3. Discuss with family.
Explain the financial crisis. Make sure there are no financial disputes at home. Try to minimize unnecessary or less important family expenses. Let the family know that the next few months are going to be the same.
4. Continue borrowing recovery.
Continue to follow up with borrowers. They are telling you the problem so don’t sit still. Keep trying to clear a little payment from everyone.
5. If it is necessary to raise money
and you are thinking of selling one of your investments for that, you should try to borrow on it instead. Loans can be obtained on gold, shares, real estate.
6. Take out your health insurance based on the current situation.
Take out Corona Insurance with at least 2-2 lakh cover. It will not cost more than 5-6 thousand for the family.
7. Don’t put too much money in banks, credit unions or other financial institutions with suspicious transactions.
Only keep money in a trusted bank. In the current scenario, financial institutions that are plagued by internal corruption may face difficulties in the future.
8. See if you can keep your business afloat.
Keep it up if possible. It would be nice to have some money. There will be no disappointment. And stay engaged in the work.
9. Don’t hang out with unnecessarily pessimistic talkers.
Given the current situation, such associations can have far worse consequences. Don’t even watch Corona’s news on TV constantly. Mute friends who are constantly frustrating on social media, and posting politics for 30 days. Stay away from quarrels on social media. Conclude by simply withdrawing from the debate. Focus on good discussions. Engage yourself in good work. Add a well-informed network. Emphasize enlightening information.
10. Engage yourself in book reading.
Watch the video if reading is not possible. But these videos should not be in the pattern of motivational lectures. These videos should be kind of like video conversions of books. Informing you in a calm voice, in clear words.
11. Keep calm Don’t be stressed.
If there is any stress on the mind, immediately get yourself involved in something. Don’t get irritated at home. Don’t be angry with the family. Be careful not to have arguments at home. Even if there is an argument in the family, withdraw and end the subject. There is no respect in the family. Everyone is yours. Do not irritate small children. Be very quiet. Be careful not to get angry under any circumstances. Get rid of anger and irritability. See if you can re-cultivate the hobbies left behind under the burden of work. Do the things you love.
12. Don’t think about getting out of business.
There will be no work outside. Think about whether you can start a new business with a small investment. But it must be something new that can start to pay off immediately. There is no such thing as a big investment and a year-round return.
13. Avoid making large investments in the business right now if you are short of money.
If the market stays the same for some time, it will be in trouble. You could start your own home-based business tomorrow with very little start up cost. Marketing will be done now and the response will be good in a few months.
14. Do not take out a loan as there is a financial problem.
Don’t take money with unreasonable interest. Instead of trying to recover, you wallow in your sadness and thus, experience more failure.
15. We all want to get out of this crisis safely.
So do everything with a calm head. Don’t get me wrong. Don’t make some wrong decisions by being confused. Make the right decision by considering all the aspects of right and wrong. Don’t go for less that your full potential. A year is a very small part of your total life. Don’t waste your whole life for this short period of time.
Stay calm, be firm, be calm and be sure