Recently everyone in business or job sector must have felt that we are going through an economic slowdown. All are hoping that this should be over soon. However, slowdown cannot disappear suddenly. We also hear that some businessmen did suicide because of the business borrowings and stress. Let's see what we can do to pass this difficult time and back to normal.
1.) LIMIT YOUR UNWANTED EXPENSES & OVERHEADS: In business or daily life to maintain particular lifestyle we are doing some expenses which can be avoided or cut down. It can be anything from light bill, movie tickets, eating out, birthday parties or marriages etc. It can be spending after online mega sale or mall offers, where you fall for these so called offers and end up buying unwanted things. If you calculate monthly expenses after recreation and non-productive activities, that will add up to a big number. You can start saving with small steps which will give big results in future.
2.) DO NOT STOCK UP MUCH: Generally, demand for everything comes down in economic slowdown. We saw recently that auto sector hit badly and companies like Maruti had almost 35% lesser sales in last month. When we stock anything, our capital gets stuck and due to slow demand stock becomes idle for a long time. This way you lose the both way! You are not able to clear the stock and also your money got stuck up so you can't connect with new vendors or new products. If you have cash in hand you can always buy whatever you want and you can also bargain as you have the cash in your hand. In slowdown cash is the king so rather than stocking in bulk, stock smartly and keep enough liquidity around
3.) DO NOT TRY TO FALL FOR INAPPROPRIATE INVESTMENT SCHEMES / HIGHER INTEREST RATES: If you have been smart enough and you have got liquidity with you then people might approach you with some investment schemes or higher interest return plans, please stay away from them! If it is slowdown in economy then it is for everyone! No one can do very good business with your money and give you returns which are abnormally higher! In slowdown real estate, auto, banking and almost every sector is struggling. So don't get fooled by cheaters and offer them your hard earned money!
4.) STAY AWAY FROM SPECULATIVE STOCK MARKET TRADES & SPORTS BETTING: Recently I have come across many people who have done this kind of foolish thing. What their thinking is - if business is slow and one is not making enough money then let's go for stock market or betting. I am not against investing in stock market but speculative trades and betting can never help anyone. I have seen many people losing everything they have while doing these silly things! If you are not regular with delivery-based stock market investments, then just to cover you profits don't fall for speculative trades or betting. Sometimes amount lost is so huge, many people end up their lives when things go wrong.
5.) YOU CAN OPT TO SELL FOR LOWERED PROFIT MARGINS: Everyone wants to save their money. In slowdown this saving phenomenon becomes very much important for buyer. So, as a businessman you want to survive this difficult period the you have to learn offering a discount. To sell something is more important than not selling anything. Customer will search every corner of market to save whatever they can. So, maintain the relation with customer and do offer them discounts.
6.) DON'T GO FOR LOANS; ASK YOUR SUPPLIERS FOR BIGGER CREDIT PERIOD: If you require a loan just to meet your business needs then stay away from loans. In slowdowns you will get calls from so many sales representatives for loans that you will easily fall for the loan! Loans are not bad but in slowdown when businesses are very slow and you have to pay high interests will not add up. In business there is always trust and relation between supplier and vendor. If you have a good image and you have never defaulted in your commitments towards your vendors then they will easily consider you for a bigger credit period. Everyone wants their money to be safe, so rather than selling materials to a new vendor, supplier will always prefer older and trustworthy vendor who has a good image. This way you can save the money wasted on paying bank interests.
7.) SLOWDOWN IS A MATTER OF TIME SO DON'T SEARCH FOR A NEW SOLUTION EVERYDAY: Economic slowdown is a big and complex thing. There are many aspects involved which can directly or indirectly affect economic slowdown. Everyday talking about slowdown on social media and discussing about it in free time won't help at all. Rather than wasting your time in non-productive things like this you can go for activities like stock taking, discount sale or just talk with your suppliers and customers - this will improve your business.
8.) SPEND TIME WITH YOUR FAMILY/ FRIENDS & TALK WITH THEM: This is the best thing one should do every day. No matter slowdown is there or not but talking with your family and friends helps to release the stress. Sometimes due to negative things at business a person is loaded with stress and if this stress is not released, it will affect badly. Don't roam around with sad face everywhere, everyone has a problem of their own. If you have any problems related to your business share it with someone but don't stop communicating. Just a small talk with your parents, small play with your child or sharing a joke with your friend will have magical effect on your mind and body. You will stay away from negative thoughts and there will be a new positive energy will be around you.
These are the best steps one can follow to fight the economic slowdown. Whatever happens keep in mind that you have to fight this time and don't do anything silly which leaves your family struggling rest of their lives. Ups and downs are part of business, don't let it go into your minds.