1. Pace it Down
When you are face to face with financial crisis the first thing we usually do is to simply panic. We don’t know what to do and we just keep on thinking that how it happened and we churn our mind and make ourselves depressed. But usually when we have some financial crisis, we have to pace it down and one thing which will give you positive approach, is to stop thinking what you have done but think
WHAT YOU CAN DO FROM HERE.
2. Accept the situation
In accordance to the first point, accept the current situation. Pace down, accept and then plan it out. As long as you will be wallowing on the past you will be more and more miserable and maybe leading to depression too. For example, your company performing well and all of sudden amendments were made by any country to stop outsourcing and what you will do. Sit and cry, no you can’t. YOU HAVE TO MOVE ON. You have to accept the situation and move on in slow mode. Don’t run and be offensive as the road of recovery is to be offensive .
TAKE CHALLENGES HEAD ON
3. Make hay when sun shines
An old proverb and probably all of us knows but fails to implement that when the sun shines make the savings. When our business or turnover is having an upward graph then don’t wait and see. Plan out some strategies like some parallel ventures that can help you in long run. That does not mean that you have save some extra bucks in piggy bank as that won’t help. Firstly, have trustworthy and professional team around you as you are the torch bearer but the team has to follow and what if they run from your back. So test, trust and venture and then plan.
4. Check on inventory
When you have financial crisis, keep note of what you have and what liabilities you have to pay. This all will help you to come out of catastrophe. Make a list :
a. How much is left i.e. remaining assets
b. How much money do I owe
c. What about my employees
d. Where is my plan B and what is my future strategy
5. Evaluations of mistakes
Maybe in your mind you have a feeling that you did your best but in reality the picture was something else. What are the main mistakes you made? Did you trust wrong person, your strategy went disorganised, poor hiring and over confidence. It is you who did conquered in the past and same YOU who lost in present. So, what you have to do is to simply evaluate.
6. No vacations
People around you will say, “RELAX "and you will feel better. In fact, this is worst for you. Believe me no mountains or sea will give you peace but the
PEACE IS WITHIN YOU
When you have a disturbed financial,how can you be at peace. Firstly, evaluate and plan the next move. Take your time making a BLUEPRINT but don’t hurry up this time and also no vacations. Coz, if you relax your swords, they will get rusted and it is human tendency if they find a comfort zone they will be relaxed and fool themselves that crisis is over. A short break like one hour or two hours is fine but more breaks will lead you to your nutshell again.
7. Have a trusted friend or mentor
Find a mentor, make a strategy and reconnect you with the dots which has bit FADED away but not completely vanished. You can always thank your stars that it is only money which can be earned back but you have you wisdom which is always with you. You learning are with you and they are in your soul, imbibed in you. Plan a new goal and a strategy and if you have a parallel venture like some hedge fund analyst says,
“Hedging the volatile stocks helps in averaging same rule goes in our lives too"
So, you can hedge your volatile business with a slow pace one. Though it won’t be that profitable but helps you in the time of crisis.
So many suggestions and moreover when you have a sudden crisis hit, everyone will come to you with so many suggestions but my last advice is plan it out before and if enemy is at bay and take your shining swords out and win the battle with courage and confidence.And one thing more if you lost one battle that does not mean it is the end but in fact it is the beginning.
These views are of Mr.Ankit Jain,CEO,EBazar.Ninja, a leading and innovative e commerce company in India on the tips on how to overcome financial crisis.