How to recession-proof your career or business
Sue Ellson
Independent LinkedIn Specialist - Digital Mentor, Coach, Author, Educator, Consultant, Career Subject Matter Expert for Media, Founder, Gigster, Keynote Speaker, Trainer, Poet, Writer, Business Social Marketing, AI??
How to recession-proof your career or business
"In a survey among over 1,000 Australians, HR technology provider?ELMO ?Software found that 70% of the respondents plan to stay with their current employers this year, with 34% citing recession fears as the reason."
With this in mind, if you are planning to stay in your current role, what can you do to recession-proof your career this year?
If a recession can be defined as a significant, widespread, and prolonged downturn in economic activity, then it follows that your goal would be to ensure you have an income throughout this period of uncertainty.
Personally, I haven't had a 'real job' since 1994...so despite not having a regular income for all of that time, I have survived. I have even documented how I have done it in my book, 'Gigsters - Any Age or Ability Employees, Experts and Entrepreneurs .'
However, if you are in a job right now and you are uncertain as to how to prepare for a recession, here is a list of my best tips with links to several other pieces of information.
1. Master your money management
Did you have budgeting lessons at school? Did your parents or caregivers manage their money well? Do you find yourself with multiple monthly subscriptions? Or the inability to go without your regular weekly or big ticket yearly 'non-essentials'?
If you kept a record of everything you spent in a year, what would the percentages be for housing, groceries, utilities, health, entertainment (including eating out) and travel? What percentage do you save? I once heard that the wealthy spend 10% and invest 90% - I am not sure that any of us could live to those ratios, but if we find ourselves spending first and saving second, there is an issue.
If you live in Australia, you can access free and confidential advice from a Financial Counsellor . They can help you understand how to manage your money. They have simple strategies that can make a big difference to your quality of life. There are plenty of other tips on the Moneysmart website and the Barefoot Investor Book by Scott Pape has been a number one best seller in Australia for a reason - the methodology works!
2. Master your network
Ever heard that your 'net-work is your net-worth?' Well it is true, for various reasons. A network can provide you with the professional, social and personal support you need to get through every-day life. No person is an island and our lifetime success relies on our connections. Naturally, here on LinkedIn, you can build your network which is why I love LinkedIn SO MUCH. Locally, nationally and internationally.
From now on, please connect with everyone you meet on LinkedIn, personally and professionally. If you are recession-anxious, connect with as many people as you can remember from your past and find some extras as well - let's say up to 100 per week if you are in business (ALL of your past clients, stakeholders, alliance partners etc) and 10 per week if you are in a specific career.
3. Master your options
Many of us think head down and bottom up and just do the work and everything will be okay. Not so. We need to be visible, we need to know what is happening around us and in our industry, we need to be connected and we need to be up-to-date and providing value to ensure that we can keep generating an income. is now the time to make sure people know about your achievements? Do you need to find out what is happening in your industry through the professional association? Have you spoken to a professional career specialist, coach or mentor in the last six months? Have you completed any training or development at your own instigation?
Remember that here in Australia, if you have a local library card, you can gain free access to LinkedIn Learning and have your microcredential automatically added to your LinkedIn Profile. There are even some free courses there and you can set some career goals too. Check out some of the resources on the Jobs tab on LinkedIn too.
4. Master your career
Have you been taught how to do a job but not how to find a job? They are completely different skill sets. So many people end up in a job almost by accident or circumstance alone. But what if you could choose your next steps and be in a values-aligned role? Do you even know what you would like to do in the future ? Are you aware of some of the options available to you even if you are working from home right now? Do you know how to attract opportunities by updating your LinkedIn Profile and sharing your keyword rich 'story so far?'
5. Master your business
Even if you are not in business, you need to support the business (or enterprise) you are in. You may ask, why when you are offering them your skills and expertise but without the enterprise, you don't have a role. You can do simple things like ensure the enterprise social media profiles are up to date and engage with the posts or you can tidy up all the loose ends that you never get around to that make a difference to the bottom line (not just doing the fun stuff you like). Maybe it is time to make some tough decisions and let go of what is not working. One of the strategies I need to implement this year is producing more short form video content (unlike this article!). Seriously though, what do you do on a day to day basis that doesn't add value? Maybe now is the time to focus on what does matter.
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6. Master your health and wellbeing
We all know the magic three - sleeping, eating and exercising. But how much is your digital activity interrupting your productivity? How many hours a day do you spend looking at a screen (phone, laptop, desktop, tablet and television)? Is it time to adopt some digital wellbeing micro-habits as recommended by Dr Kristy Goodwin and develop the ability to focus?
How can you improve the quality of your sleep, food and exercise as these will help you manage the uncertainty and anxiety associated with the concept of a recession? Is it time to address your micro-addictions or your bigger addictions which are usually a self-management technique that provided some comfort in the beginning but may now be causing discomfort or unintended consequences.
This area is probably the most difficult to address because change is rarely instant and it can take quite a while to reap the rewards. Start with just one thing, no matter how small, whenever you can. Interrupt the cycles and patterns. Challenge your own behaviours, not other people's behaviours. Don't compare yourself to someone else, just focus on what you can change. Julie Cliff has a lot of great practical strategies for organising your space and time that I am certain will lead you on the path to better health and wellbeing.
7. Master your emotions and breath
I am definitely not a psychologist, but I know the ability to master our emotions and regulate ourselves when things are difficult can make a huge difference to how we manage each day. How do you cope with the unexpected? Or when you are triggered? When you feel anger inside and either react instantly or hold onto it until later? Do you have strategies for bringing your body back to a sense of calm and ease, despite a difficulty? Can you take long slow breaths through your nose deep into your diaphragm? Tim Altman hosts the Take a breath podcast that could give you tips and first steps. If you want to dig a bit deeper and try something alternative, reach out to Jenner Miller from Theta Freedom . If you would like some practical tools, see how Bettina Ivers calendar and colour based resources can help.
Action: Look for at least one positive in difficult moment beyond your initial reaction.
8. Master your conversations and relationships
Your self-talk and your other-talk. I am noticing a significant increase in the number of people who don't just sit and chat without a device in sight. In our digital world, we can choose what we see and hear. In a conversation, we need to expect the unexpected. Yes, it can challenge us. We may not be prepared for what someone says to us and we may be reluctant to speak up without thinking about our response and typing it. But if we have the courage to have conversations, we may discover something new about others and ourselves. We may receive recognition and validation but we can also give these to others. They are an exchange and if people feel connected to you and you feel connected to others, even if the 'worst' happens in the midst of a recession, you will have relationships that will keep you afloat.
There is no need to rely on one person to meet all of your needs. Share your life and times with various people of various ages and backgrounds. They will add colour and flavour to your life experience. Ask people if they would like some advice and be prepared to listen. Walk a dog (yours or a neighbour's) and chat to other people when you are out and about. Talk to people who are older - they are usually excellent conversationalists and have lived through past recessions. They can give you alternative perspectives you may not have considered. Google does not have the answer to everything!
I discuss some other strategies in the following articles:
Naturally, I would also recommend that you buy my latest book, 'LinkedIn for me and my career or business ' - give yourself a gold star LinkedIn Profile and Page by completing the practical and values-aligned steps - launched 23 January 2023.
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First Published:?12 February 2023
Last Update:?12 February 2023
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Sue Ellson?BBus, MPC, CDAA, ASA, WV, SPN, is an Independent LinkedIn Specialist, Business and Careers Consultant, Trainer and Author.
More information?at?https://www.dhirubhai.net/in/sueellson ?
Questions directly via email sueellson [at] sueellson.com
Researcher and Senior Lecturer at The University of Melbourne
1 年very thorough, actionable and readable piece!
Naturopath, Breath & Nutrition Coach, Mickel Therapist, GLWS Accredited Wellbeing Practitioner.. Owner and Founder at We Paddle.
1 年Great article Sue Ellson. Thanks for the mention ??