Since the beginning of the world,Recession is a regular occurrence. Time of plenty and time of farming. It’s just normal for recession to happen. A lot of things to do differently during recession and I will share 4 with you.
1) Cut your expenditure by half or more. This is the time to reduce spending, particularly on things that are not asset. Anything that takes money from you is a liability, cut your spending on them. You have 6 Cars for examples, sell 3 now!
2) Switch! If you have lost your job or business or things are shaky, this is the time to consider other careers or Product/Services that are not affected by recession and switch.
3) Increase your asset investment by over 100% this is the time to buy land,as they will be cheaper. Buy stocks if you understand or have competent broker. Cofounding a business by putting your money down. Real assets can be gotten for half the price due to recession, cash crunch has its own advantage to smart investors.
4) Cut your outflow and increase your inflow. This is the time as a company to get your customers to pay you faster and slow the pace of paying debt. Why? If you rush to pay debt and your customers are slow in paying you, you will be out of business in a matter of weeks. You must survive this time. Part of what to do is reduce your staff or pay them base on sales, Raise affiliates.
Article By Stephen Akintayo
