This is one best Strategy that guarantees Success during the recession I want to share with you here, I will be precise and straight to the point about this topic as I wouldn’t want to waste your time here because I understand that time is money. What is a recession? I will give this definition on my own view, too tired of these internet and dictionary definitions.
A recession is the opposite of progression, that’s when things are going anticlockwise especially on the economy of a nation. Some of the features are a loss of job, gallop inflation, hardship, scarce resources, high rate of crime, hunger, sickness etc.
Although the recession is not always evil as many presume, one thing you must agree with me is that recession brings opportunities and compel people (entrepreneurs) to take advantage it present. Lots of businesses strife during the recession while some fail, recession create millionaires while some millionaires become impoverish during the recession so which one do you want.
Now, what is the best strategy to overcome the effect of the recession in any economy?
My strategy has always been this “diversification” now why is this strategy important during an economic recession? During this time in any economy, the prices of goods and services skyrocket while income remains constant. Suppose before the recession your income was able to take care of your basic needs, you should know that during the recession the reverse will be the case.
Why do you need to diversify? If you’re the type that listens to the news you will always hear government agencies talking of diversifying the economy. It is good to have more than one source of income (multiple streams of income) that is what it’s all about. If you’re into electronics/technology trading, for example, consider including kinds of stuff like consumable accessories like spare parts etc. if you’re an employee consider having a side business. If you’re unemployed you just have to engage with something productive. Join groups where you will have to meet with people and learn about what is working and what is not.
The best time to get started is now, don’t wait for the government to provide enabling business environment otherwise you may end up waiting forever. Don’t wait for signs for you to startup; no other sign will be greater than a recession. You cannot be greater than your employer no matter how smart you try.
Wish you the best!