Practical Steps to Overcome Economic Recession

In these days of global economic meltdown there is every reason why we should begin to exploit ways of cushioning the effects of the economic meltdown on us and our family. To do this there are things we need to know and do. To succeed you must know what to do at any point in time. As the saying goes; ‘knowledge is power’.

The following are the practical steps we need to take to get wealth:
1. review your strength and weaknesses
2. self employment
3. choose a market niche
4. planning
5. take off as soon as possible
6. be focused and remain focused
7. make provision for charity
8. save consistently
9. invest your savings wisely

Review your strength and weaknesses
Everyone of us have our areas of strength and weaknesses. Identify the areas of your strength and weakness. For example, some of us are good at mathematics, some English language, while others are good at fixing things with their hands.

Take a sheet of paper or a note book and write down your area of strength and weaknesses keep it away for two or three days and come back to it again and review all that you’ve written to ensure that you did not miss any vital points.

However, don’t focus your attention on your weaknesses as that will make you develop the spirit of ‘I cannot do it’ which an easy way to failure. Rather, focus your attention on your area of strength and work out haw you can improve on these areas. Get information and training on these areas, as this will help you make a better choice at the end of the day.

Identify and consult people who are already operating successfully in these areas seek for mentor ship from them.

Self employment
No amount of money paid to in an employment can make you rich and guaranty you financial freedom. Self employment is the only thing that can guaranty you financial freedom and wealth. Hence, you must go for self employment, either part-time or full-time if you really desire financial freedom.

With the advent of the internet there are numerous opportunities for home based businesses which anyone desirous to make money legitimately can go into some with little or no capital. You can these businesses from the comfort of your home.

Choose a market niche
Though there numerous marker niches out there to choose from, but making a wrong choice here can lead to frustration and failure in business.
Some of the criteria for choosing market niche are:

a. Your area of strength. Does your choice fall in line with your area of strength? It is easier for you to make it in your area of strength than your area of weakness.

b. Your training and experience. Choose a market niche you already know enough about either through training or experience)

c. Interest.
Choose a market niche that is in line with your interest. You must love what you are doing; otherwise, you’ll not be able to persist in time of challenges. Remember that one of the secret of success is ‘persistence’.

As the saying goes, ‘one who fails to plan, plan to fail’.
You must have a plan. It is your compass.
Write your plan down on paper.
Your plan should have two main components – short term and long term.
Your plan should have monetary values.
They must not be vague, but specific.
Must not be outrageous but reasonable and attainable.
Must be goal targeted.
Break your plan down into weeks, months and year.
Have a mechanism to monitor your plan implementation so that you can quickly make amends on time whenever the need arises.
Take responsibility for the failure or success of your plan. Don’t push this responsibility to other persons.

Take off as soon as possible
You must avoid procrastination as this is sure source of failure.
Take off as soon as you can because business environment is dynamic and not static. Information is being updated often and as such, if you delay your take off, the parameters on which you based your projections might have become obsolete or unreliable.
Start small. Don’t wait until you can start big.

Be focused and remain focused
Don’t allow anyone or anything to distract you.
Put in all you have into the business.
Be persistence no matter what.
Avoid frivolities and shadow chasing.
Believe in yourself.
Be proud of what you are doing.
Seek ways to improve your skills and managerial capabilities.

Make provision for charity
When the money starts rolling in, don’t be greedy, yet be prudent.
Give regularly to the work of God and to the less privileged in society. As the saying goes, ‘a giver never lacks’

Save consistently.
Save. Don’t consume all so that you can expand your business.
Avoid luxuries that do not match with your level of income.
Avoid spending on impulse; rather spend inline with your plan.

Invest wisely.
Do diligence inquiries before choosing an investment.
Choose investment that has potential for growth.
Choose investment that you can manage otherwise get someone else to manage it for you it for you as an alternative.
Do not choose an investment because your family members or your friends are investing in it. Choose it because it is right for you.
Choose investment in the area of your interest.