10 things to start and stop during an economic downturn

We are not going to sugar coat this for you, Covid-19 is having a big impact on the global economy. Jobs are being lost, uncertainty prevails and the situation is changing daily. However, through times of adversity new doors will always open, opportunities arise, and new players will thrive in the market.

If anything, this is a time to reflect on our current life values, goals and what we want our life to look like entering this new phase. Was your old role working for you anyway? What did you enjoy, what didn’t you enjoy? 

Heres Juggle’s foolproof list of things to do (and not) which should help you ultimately thrive from an economic downturn.

 

5 things to start doing

Research and make a list of companies to follow who might be thriving or finding their niche in this tough market. We’re all relying on Netflix and Deliveroo to get us through, but smaller start ups will also have their space – we’ve been preaching about flex working for a couple of years and the world may now be converted! 

Brainstorm innovative start up ideas. Nothing like a global crisis to breed creativity and opportunity. The last few weeks have seen the emergence of apps like ‘House Party’ the social get together app thriving. Have you got the next ‘big idea’ this world really needs right now? 

Budget carefully. When times are hard being thrifty and savvy with cash is important. Apps and challenger banks offer good saving solutions,  check out this blog outlining the best ones.

Build up your skill toolbox – now is a GREAT time to gain some new online qualifications, subscribe to a course online you’ve always wanted to join, upskill yourself and open doors for your future. 

Ask for help when you need it. This is an anxiety inducing climate with constant news streams and feeds covering the Covid 19 outbreak. It can be lonely self-isolating and days/time needs to be managed well with routines in place to look after yourself and bring a sense of purpose. It’s good to remind yourself that we are all in this together and you don’t have to feel alone. Call a friend, Facetime family and share evenings together. I’ve just joined a local neighborhood help group. Some resources for managing mental health at this challenging time include headspace.com, mind.org.uk and calm.com.

 

5 things to stop doing

Don’t panic – easier said than done, we know, especially if you’ve been made redundant. It may be a trying time, but out of trying times comes opportunity. Use success stories of people who failed their way to success to inspire and motivate you. This speech by JK Rowling is pretty inspirational on the ‘Benefits of Failure’ and the climb from the bottom to the top.

Don’t make any hasty decisions. If you’re a small business owner considering letting go of staff there may be help out there. Likewise if your job is at risk. Look into government advice, salary subsidies, mortgage holidays and the potential to let go of unnecessary overheads. Do you need that office space once your set up for flex remote working? 

Don’t cut your prices. Many businesses turn to deals and sales when the recession is hurting them. However, doing so will only make it harder for customers to justify paying your regular prices when the recession is over. In addition, these lower prices can cut into much needed profits.

Don’t rush to send your CV to a million different places. Applications need to be targeted, cover letters need to be specific to the role and company not generic. No one responds well to thoughtless applications, they’ll just be ignored! Also, if you accidentally send your CV to a role twice, this doesn’t look good – keep a spreadsheet up to date with each place you apply to, date, outcome etc. 

Don’t shoot the messenger. It’s a really tough time at the moment, but rest assured recruiters and small businesses are doing their best to help and they too are working out how to keep heads above water. Practising kindness and empathy will only serve us well at this time as we all work to build our economy back up. 

 

Our message to you? Agility and focus are key to weathering the storm, if you’re able to be a chameleon, to reinvent yourself to identify your strengths and their niche in this new evolving market you will not only be able to survive, but have the opportunity to thrive and re-address the balance. Use this time wisely to create the future you desire.