Not yet completely recovered from bone-chilling impact of the recession in 2008, that almost shattered an otherwise not so problematic professional life, the sign of another downturn looming large on the horizon has made me seriously think about designing a few effective counter-measures as soon as possible.
Being an entrepreneur my thought-processes may not perfectly align with what is required to be done by those in job; however, the fundamental message, I believe, is pertinent to both the categories.
Expand the horizon:
Most of us, either in business or in job, remain contented with our current state of affairs without bothering much about a future shock that might dislodge our foundation in no time.
That's exactly what happened with me in 2008!
I was happily married to a few large and rewarding clients, generating enough revenues to successfully run a small organization having half a dozen employees. So much was my confidence in those clients that I never bothered to widen my area of operation.
Another way of putting it could be, that, I perhaps was a bit less ambitious or may be I was earning beyond my expectation.
Whatever it was, but I certainly had restricted myself to a narrow zone of business operation.
And when recession struck, most my clients completely froze their recruitment drive, bringing my cash flow to almost nil for several months thereafter. With residual hiring still going on, I could survive the nightmare but not without paying a huge price in terms of a complete erosion of my net worth.
So this time I'm not taking any chance and going all out to increase my clients-base as much as possible.
Create an alternate source of income:
Creating an alternate source of income requires a lot of advance planning, and most of us never bother to invest the time required for figuring out an appropriate strategy.
Last time I failed to innovate a result oriented strategy that really works when needed, and wasted precious time in establishing a blog that couldn't even generate 10 percent of the money I needed to keep my life moving.
So this time I'm looking for expanding into retained search business in partnership with a highly competent HR professional.
If we are able to execute even half a dozen assignments in next 6 months, being a high value service that would generate enough cash for painless surfing through another recession if at all that happens.
There are a few more areas of improvements I have identified, and working hard to seal off every loophole in the system that might again expose me to the cruelties of another devastating recession.
You too must think it over, in advance, and design your own strategy as soon as possible!
Being an entrepreneur my thought-processes may not perfectly align with what is required to be done by those in job; however, the fundamental message, I believe, is pertinent to both the categories.
Expand the horizon:
Most of us, either in business or in job, remain contented with our current state of affairs without bothering much about a future shock that might dislodge our foundation in no time.
That's exactly what happened with me in 2008!
I was happily married to a few large and rewarding clients, generating enough revenues to successfully run a small organization having half a dozen employees. So much was my confidence in those clients that I never bothered to widen my area of operation.
Another way of putting it could be, that, I perhaps was a bit less ambitious or may be I was earning beyond my expectation.
Whatever it was, but I certainly had restricted myself to a narrow zone of business operation.
And when recession struck, most my clients completely froze their recruitment drive, bringing my cash flow to almost nil for several months thereafter. With residual hiring still going on, I could survive the nightmare but not without paying a huge price in terms of a complete erosion of my net worth.
So this time I'm not taking any chance and going all out to increase my clients-base as much as possible.
Create an alternate source of income:
Creating an alternate source of income requires a lot of advance planning, and most of us never bother to invest the time required for figuring out an appropriate strategy.
Last time I failed to innovate a result oriented strategy that really works when needed, and wasted precious time in establishing a blog that couldn't even generate 10 percent of the money I needed to keep my life moving.
So this time I'm looking for expanding into retained search business in partnership with a highly competent HR professional.
If we are able to execute even half a dozen assignments in next 6 months, being a high value service that would generate enough cash for painless surfing through another recession if at all that happens.
There are a few more areas of improvements I have identified, and working hard to seal off every loophole in the system that might again expose me to the cruelties of another devastating recession.
You too must think it over, in advance, and design your own strategy as soon as possible!
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