HOW TO SURVIVE AND PROSPER IN A RECESSION (PART ONE of THREE)

Introduction:

My article (researched about 8 years ago during the last recession in New Zealand) is rather general covering this broad subject. For detail I suggest you read further books. Study and take notes. Life is not easy. I hope that it may help you to get through and even prosper in these uncertain, yet challenging days upon us.

"It is a privilege to live in exciting times."

- Chinese proverb


HOW TO EVEN "RECESION-PROOF" YOUR CAREER

A seven stage action plan that will protect your job, your finances and your family.

Now onto "action". The steps to take...

1. Keep your job and be promoted despite the bad times. ASk yourself this important question: How dispensable are you? Add value to what you do to make your job
indispensable.

2. Ensure your company survives too. There is little point holding onto your job, if your company goes under. So take care, no matter where you are in the company hierarchy. Get your ideas across to the important people in the organisation, the ones who make the crucial decisions. Survive the present and build for the future.

3. How to recession proof your career. Always remember, the only person who really cares about their career is YOU. You boss mainly cares (or rather worries) that you create income for the firm. (Ill cover the 25 steps to a new career later).

Who should and who shouldnt consider starting up their own business. If only I knew then what I know now (or is it "now know"?).

How to write an effective CV - you never know when youll need an updated one! Cut out that negative thinking, Craig ... but like a good boy scout, its best to BE PREPARED.

How to salvage your family finances in a recession. The key area of budgeting - creating a budget you can stick to. How to reduce your cost of borrowing. All this is critically important. Run your household and THINK, like a MD (managing director of a company) , rather than as a parent (or employee).

4. The vital importance of protecting your assets, such as investments, savings and home. Do a balance sheet of your assets and liabilities. Ask yourself: "How much am I worth?""Oh flowers, back in the smelly brown stuff once more"!

5.Assess the threats to your wealth. First, weigh up the risks. Take advantage of the bad times by turning crisis into opportunity.

6. Shielding your family from unforseen events, like death, disability, sickness and redundancy. Have adequate insurance cover (I have to say that...seeing I worked in that industry for so many years!).

7. Reduce retirement risks. How much will I need when I retire (its far more than you may think!)? How much money can I count on already?

HOW TO KEEP YOUR JOB AND BE PROMOTED DESPITE
THE BAD TIMES.
It may not be the job you want; but always try to strengthen your position. No job is safe these days, so be very grateful that you have a job. Look at it as an outsider. How would the customer be harmed, if my job didnt exist? Look at the big picture. Could the company get by without my department? You may me more vulnerable than you may think, if the "big crunch" comes. Remember dispensable jobs are often the best ones. The more often you speak to your customers, the less dispensable you are. So get close to your customers and identify new markets. Find solutions to problems. Are you contributing to the companys primary aims? What are its underlying priorities? Make sure everything you do promotes them.

Add value to what you do in terms:

* profitability

* market share

* innovative products

* customer service

* efficient low cost production

Make sure youre noticed. Sound out ideas. If your boss goes under, will you go under too? In a recession a weak boss may not be able to protect your department. Does your boss deliver or does he suffer from "a lack of clout". Do you trust him/her? Do they generally deliver the goods? The corporate hierarchy is a pyramid. A middle management career is most vulnerable to down-sizing. Processing information and summarizing issues on which higher levels take the decisions.

Take resposibility for your life. Make yourself important by building your department. When you get "promoted", are you actually being moved sideways, or perhaps even down-wards - a "tricky slight of hand" by management. Research and identify corporate problems and opportunities. Present yourself as part of the solution. Do some of the tasks youre hoping to be promoted to - but not too much!
This shows the benefits, as well as your comptence (or incompetence) without putting your colleagues noses "out of joint".

How to build your own action plan.

Use building blocks and set priorities. Scribble notes and draw up your own action plan. THINK POSSIBILITIES CONTINUALLY ("what if"). Learn, study and grow. Keep working on yourself.

MAKE THE "RECESSION WORK" FOR YOU. After all, its only an attitude, a state of mind... and anything is POSSIBLE... if you BELIEVE it is be so.

So, no matter the current "tough" economic conditions...

To excellent health, your spiritual peace and prosperity in this year and beyond

Craig Lock
http://www.craiglock.com

"Tough times dont last, but tough people do."
- Rev Robert Schuller

Authors Note:

This article was based on an excellent book HOW TO SURVIVE AND PROSPER IN A RECESSION by Peter Martin (Hutchison Business Books 1988, an imprint of Random
Century Ltd)

About the author.

Creative Writing Course
http://www.nzenterprise.com/writer/creative.html

Craigs books are available at:
http://www.nzenterprise.com/writer/books.html and
http://www.novelty-gift.com/ebooks.html

THIS ARTICLE MAY BE FREELY PUBLISHED

© Craig Lock 2002

clock@xtra.co.nz
http://www.craiglock.com