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Posted by in The Money, Honey

Savvy Secrets to Surviving the Recovery

Savvy Secrets to Surviving the Recovery

The headlines are hard to miss: “The Recession is Over!” but what does this actually mean for Savvy gals (and guys!) who are struggling to keep their head above water? Personally, I’m an avid news junkie; and while this has kept me informed, at times I have found myself wanting to throw the covers over my head. Regardless of whether we’re still in the recession or the recovery has begun, we will not feel any immediate effects, in other words, this is a “jobless” recovery and there are some very real tips to keep you afloat during what looks like a bumpy ride ahead.

Keeping things on the positive side is imperative to make sure everyone knows there is a light at the end of this tunnel.

While we all may be in the thick of things, we must be very aware of our reality. Small businesses, employers and everyday folks trying to support themselves need to have a game plan but so many of us rely on hope and a news report rather than actually make a plan of action for ourselves. The news can be depressing and debilitating but so can a poorly illustrated plan or lack of one.

Here are some tips to outlining a plan of action for your business and for your life- after all; business is personal.

What is your budget?: This is the perfect time to create a budget of all of your household and business expenses.

You can then work backward by cutting unnecessary items that are not vital to the running of your house or business. Remember, this is temporary, but cutting the fat now can save you in the long run.

Be an active participant: No matter if it’s your finances, business or personal life, get involved, roll up your sleeves, and take control of your situation. Do you have a savings plan? Have you put away seven months of savings to get you through a crisis (like a job loss or illness)? Take this time to discuss with your family members and or business partner(s) the concerns you have about your finances and future. Working together like a team will guarantee you the emotional stability to get through almost anything.

Keep a positive outlook: This is so important, especially in times of change and even crisis. Your outlook and mindset can affect the conclusion of every situation. Change is never easy and worrying about what could happen or focusing on the negative outcome of what you think might happen, may become a reality if you don’t change your thoughts and take action. This is about being proactive and positive. Exercise, listen to music that will elevate your mood, or talk things out, do whatever it takes to change your stress levels and your mindset.

Know your specialty: No one is perfect at everything. We all have different strengths. Know yours and make sure you surround yourself with people who can work and help you in areas where you are not as proficient. This may cost you money, but in the long run it could very well save you, your home, or even a trip to the IRS.

Diversify, diversify, diversify: This can be one of the hardest lessons to learn, especially if you like things to be concise, neat, and easy, but, alas, life is none of these things In fact, it’s almost unfair to expect a person to be all things to everyone just as you wouldn’t want your business or finances to be bound in one account or with one customer!

Being flexible and diversifying both in business and in life opens you up to more opportunity, more money, and less risk. In business, you would buy stock in various different industries because this would lessen your risk, loss and create stability in an unstable market and economic time. In life you can also diversify, do various activities, learn new things and meet new people. This is actually the key to keeping you alert and happy and helps keep you creative and young.

Hang in there: Never give up because life is cyclical. We will weather many storms, survive loss and celebrate wins.

Always know this too shall pass with a valuable lesson. When times are good prepare yourself for the many life lessons that will always bring you to the next level because you refused to give up!

Alisa Weinstein is a certified coach, business executive, and entrepreneur. As owner of Coaching Element, She supports other entrepreneurs to create businesses starting with focus, vision, and intension. She is available for individual and group coaching, seminars, and public speaking. For more information, please visit www.CoachingElement.com or e-mail her at: Alisa@CoachingElement.com

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