Hey there! With experts saying that recovery from the economic recession in Nigeria might not be possible until the year 2017, important steps must be taken to adapt to, and even enjoy the times. Here are a few tips to help you survive through the recession.
- CREATE AN EMERGENCY FUND: you should have some money set aside in case there is an emergency. You could open a new savings account and set a goal for how much money you want to add to the account every week or month. This way you can have something to fall back on.
- CUT BACK ON UNNECCESSARY EXPENSES: it is important to cut back on both business and personal expenses. Rather than spending on frivolous things such as parties or vacations that you cannot afford, your money should be kept for more important things. If it doesn’t have a positive impact on your business or finances you definitely should cut back.
- TRACK YOUR FINANCES DAILY: create a new budget and stick to it. Track your income, expenses and create monthly financial reports to stay on track.
- BOOST YOUR INCOME / CREATE ADDITIONAL INCOME STREAMS: in a recession there’s always a chance that you might lose your job so you should focus on keeping your current job by being more productive. Also, you should be ready to enter the job market again if you lose your job.
To increase your financial security, start up a side business if you don’t have one. There is quite a long list of business ideas you can consider. Click here for Business ideas for start ups
- GROW YOUR BUSINESS: Focus on new ways to improve your business. Try new marketing strategies such as digital marketing, social media marketing. Also, practice good customer service and improve product quality. There will be a lot of competition so you have to be on top of your game. Make sure your business/company has a brand identity. REBRAND. Do what it takes to make you stand out! Have a nice logo. If you don’t already have one, or you need a better one, visit Prudent Studio, they create awesome logo designs. Have a business card whenever you are out, network and meet new people. Get your business out there!
- ENJOY LIFE AND BE HAPPY: to avoid recession depression, don’t let fear control you. Be thankful for what you have and try to have some fun. You can hang out with friends and family, see a movie, and do other things that won’t strain your finances. Create a new plan in your family that won’t affect everyone’s happiness. After all, some things are more important than money. Accept the difficult times as a challenge testing your fortitude. In the long run you will become stronger and better.