We may have unfortunately suffered crises that have devastated our families. Probably the most challenging crisis for all began in early 2020. Circumstances emerged that defined an imminent economic crisis for the coming months that may take years to recover. With the arrival of a deadly virus that is rapidly spreading globally, what was feared has occurred: the world of commerce has been brought to a standstill.
Moments of crisis demand for an organization to think objectively and seek solutions to the problems that confront us, or may confront us. Organizations must anticipate such disruptions. The following are five tips to confront an economic crisis:
- Keep Calm
- Keep Informed
- Find Allies
- Study & Implement Alternatives
- Seize the Time
1. Keep Calm
In any critical or risky situation, it is essential to remain calm. This allows us to maintain a serene mind, with which we can better study and digest the information we need so to better understand our options. Thereby we optimize our solutions through informed decisions and proper action.
2. Keep Informed
Look for official sources of information like the WHO (World Health Organization), and the proper government agency of each country.
Many have been taken in by false news (fake news), which are generated by 3 types of persons: the trollers (people who have fun with fake news); the ignorant (people who come up with unsubstantiated news or tidbit and spread it, e.g. many “influencers”); and, the conspirators (people who will attempt to derive some benefit out of the situation).
3. Find Allies
In a crisis situation, It is always good to keep the door open to unexpected and new opportunities through alliances. This search can be tedious though because most people have their own interest first and foremost. Therefore, you need to look for people who share your same interests with the benefit that they can complement you with their new ideas and techniques.
4. Study & Implement Alternatives
The idea is the maintenance and flow of money; the purchase and sale (or rent) of products and services; the continued investment in projects.
Times are tough. There are no clients to generate income. Additionally, there is little income to raise capital to invest in projects that help maintain operations and cover both expenses and payroll.
It is time to think outside the box. It is time to adapt. Let’s review what we can modify within our business model, analyze, implement. If a barrier gets in the way, we must find a way to move through it.
Fortunately, we have online tools that allow us to create an income stream. Although it sounds crazy, there are even people who make money by recording their video game sessions and publishing them on social networks, however inexperienced they may be with any technicality of the process.
Here are some suggestions:
- YouTube Channel – For those who can distribute their content via video, as well as tutorials, or simply play video games.
- Copywriter – Do you like to write? Offer your services to marketing agencies that always seek to create content.
- Designer – Companies require content for when they are found on the internet, you can provide your services to create and design content.
- Cafe, Restaurant – Can you receive orders online and deliver at home?
- Private School – Many learning systems (LMS) can be implemented so that your students can join the class and study from the palm of their hand.
- Delivery – Many people need to optimize their time as much as possible, so they leave certain tasks to other people in exchange for remuneration.
- Affiliate – If you have digital channels like a blog, social media, video channels, you can affiliate with companies like Google AdSense and Amazon that pay to show their ads on your digital channels.
Implementation of Alternatives
Like every good idea in this life, it should translate into practice. Only results define and guide the way. Today we have digital tools that help measure the performance of our work and its quality.
How to get capital?
If you have managed to find alternatives that you can test to continue operating, you may need capital to do so. We recommend that you be well prepared with a business model that demonstrates how you will achieve your goals and, most of all, how investors will get a return on their money.
In addition to allies, you can also search for and get investors who can help you raise capital to continue operating. There are 5 types of investors:
- Ángel or Venture Capital – Friends, acquaintances, or groups of private investors who share your ideas and are willing to invest in them. For this, you must have a plan that explains how you will return on their investment.
- Announcements – Private or government, where you can apply and compete for projects. We recommend that when you apply for these calls, you have a good presentation.
- Financial Institutions – Not only banks, but also companies that offer business loans or credits exist.
- Crowdfunding – Online portals where investors look for projects in which to invest.
5. Seize The Time
Your business may be one of the most affected by an economic crisis, which will bring a lot of free time to your life. We suggest you use it in the best way.
Study, Train Yourself, Exploit Your Creativity
If you have access to the internet, you have access to the universe. There really are no limits to learning what you want. Everything is available online for free: