Jackie Harder
The news these days is filled with economic doom and gloom. Businesses are cutting back, foreclosures are going through the roof and workers are being laid off.
What can any of us do?
We have basic two choices: We can run around like our hair is on fire, or we can take action.
Panic never helps. All it does is distract us from what needs to be done.
What specifically needs to be done depends on your circumstances, but it’s always a good idea to start with taking stock.
Grab a pen and paper, or pull up a blank Word document on your computer, and make a list of everything that troubles you.
Don’t try to put it in order; just write it down as it comes to you. Keep going until you’ve run dry.
When it’s done, can you find any commonalities? For instance, are you worried about losing your job or business? Are your expenses going through the roof? Is your debt load crushing you?
Group them together and prioritize them.
Ask yourself, “What can I do about this?”
If you’re a “wage slave” struggling to pay your bills, where can you save money?
Look at where you’re spending now and come up with a list of how you can cut back. There are literally hundreds of ways you can cut back on expenses.
Here are a few: Shop around for a cheaper interest rate on your credit cards. Cook your own meals. Buy store brands and generic drugs wherever possible. Look for the most inexpensive fuel you can find. See if you can get better deals on your car and home insurance.
At the same time, figure out how you can earn more money. If you ask for a raise, be sure you have something to offer – increased revenue or reduced expenses – to improve the company’s bottom line.
Be bold: Ask for a piece of whatever you can save the company or a percentage of the new money you help bring in. The worst the boss can tell you is “no.”
What do you do for fun? Can your parlay a hobby into another source of income?
The same type of planning works for businesses also.
Where can you cut your expenses, without harming your bottom line? Remember, too much cost-cutting can leave you unprepared when the economy rebounds.
What extra avenues can you explore to bring in more revenue?
These are fantastic times to break out of your old habits and old ways of thinking. Stretch yourself; try things you haven’t tried before.
Also reconsider those things that you have tried but didn’t work. Who knows – maybe you were just ahead of the times, and now those concepts will pay off.
If you need assistance and support, consult a coach.
