When the going gets tough…..Part 2

How to handle tough Economic times…..Part 2

As a Qualified Accountant and Business Consultant I have advised and assisted many clients and individuals through tough financial and Economic times over the last 35 years.

I’ve also personally survived and thrived in some very tough Economic times indeed – and learnt a lot in the process.

As I write this in late March 2020, these are indeed tough economic times and we all face real challenges on so many levels…..

In Part 1 we looked at how humans process the emotional stages in a crisis – understanding what is happening to us is key to getting through it and moving forward as quickly as possible into the recovery phase. Please read the article again if you missed it or have forgotten the stages to watch out for.

Now in Part 2 of this article we look at some other things we must be aware of whilst we get ourselves back on track and moving forwards - I hope it is useful to you all.

 What is YOUR personal Financial Crisis?

 These articles have been crafted around the recent tragic events of Coronavirus and its Global negative effects on Businesses and Industries around the world.

Apologies but I’m having to have to be a little “generic” with my advice here at times – far different to if we were working together and I could then understand your exact challenges and we could get to work on them.

Here's some general guidelines for you all – from redundancy or job changes to managing a struggling business or being a sole trader with no customers suddenly. We all need to follow similar guidelines and understand our personal traits to make it through the problems…   

What to do and how to act in Tough situations

Keep Calm - handle and dismiss negative emotions – You have to create and maintain a stable, balanced emotional state as quickly as possible to address the issues at hand – Say goodbye to worrying, depression, anger, grief , guilt or whatever – it’s not useful now and you havnt got the time to do this anymore !

Take Responsibility for yourself and the situation - this is your problem and you will get yourself out of it – however long it takes and doing whatever you have to do in the process. Business owners - Lead from the front and don’t expect anyone else to do something you won’t do yourself. Own it all….

Deal in Facts – it’s incredibly important to utilise logic and facts in every part of your process now – seek them out in all areas and use them to your advantage – sure we will need your skills, talents, intuition and passion as well ….but not acting on wrong information !

Get Real ! – linked to the previous 2 areas - I really need you to see things as they are and assess your options as realistically and logically as possible. I am aware that you may possess superhuman abilities and energy to defeat the problems surrounding you, but it may not be as simple as that – and your team (if applicable) may not feel the same way as you.

You have to be able to see things as they are and assess your options realistically looking for best outcome. There is no disgrace in ceasing activities or closing things down or changing direction if it’s the right thing to do – most losses are only temporary and the quicker you change direction and pivot towards new directions and goals the quicker you will get there.

Amazing things can happen if you decide to change direction – your energy and vibrations are renewed and new opportunities will rush to find you. So be brave if you have to and let go sometimes – you will be amazed where it leads! 

Ask for Help if needed – own the problem, but don’t necessarily face it alone – we all need help and advice at times – objective opinions from other people is really useful in a crisis – and they also may be happy to get their hands dirty with solutions – so don’t be a shrinking wall flower – ask for help and advice if you are struggling!

Ditch the Ego – oh boy is this a problem for many people – when asking for help, our “super egos” really struggle when change has to happen and they were quite happy in that old world you were living in. Leave your old Ego behind now and start thinking freshly about what needs to be done and the actions you will have to perform – this is a major challenge for many and will hold you back and slow you down in finding solutions quickly.

Be open, transparent and honest with yourself and others around you – remember you are only human and this problem is probably now going take up a lot of your time, emotions, energy and efforts – so sacrifices and trade-offs will be made and people need to realise what’s happening. Families may need to see less of you for a while so prepare them - You are guaranteed some big highs and lows in this process, so people better get used to it and be ready! It may be that many people are in the same situation, or working with you, or helping you so they will probably understand more - but many will not – so get them in the loop, and keep them in the loop.

Be Brave, positive and optimistic – whether it’s trying to get a new job, or leading a small Company away from bankruptcy, persuading customers to buy your products or meeting crazy deadlines – You must be all the things mentioned above. I know you will probably feel the opposite at times , but the positive vibrations and energy emitting from such feelings will make things succeed, it is inevitable and a spiritual power Law …..I have seen unbelievable results in seemingly impossible situations because of people displaying these qualities - so hold your head high and be self-confident – you are a winner!

Turn up and keep turning up – this is important and second nature for many of you out there but it’s worth repeating. As an individual you must keep going and never give up and as a company you must do the same , being there and turning up for others and yourself. Theres no one else can do it for you – so Turn up and keep turning up. Beware of burn out however and the next item covers that….

Take care of yourself (and your team) – ok theres going to probably be plenty of late nights doing whatever you are now having to do – but try to set some time aside and look after yourselves in the process - it’s easy to go 24/7 at something - such grit and determination is to be admired, but you will burn out faster and inevitably let yourselves down!

The law of diminishing returns always kicks in as the hours and effort increases – so take some time out to relax and ensure your team do the same – ive been there and done it – there's no medals for falling apart before the finish line, so always keep some reserves in the tank! 

Conclusion

Parts 1 and 2 above now combine to hopefully provide you with a pretty comprehensive set of guidelines and advice as to what to be doing and thinking during these difficult times 

No wonder it can take time for us to comprehend and defeat difficult circumstances!

After all we are not robots – we are complex and wonderful human beings with only our own mental courage, resolve and spirit to guide us in such tough times….

In part 3 we will dig down a little deeper into assessing key challenges, creating action plans and strategies for success and generating financial plans needed to support the process

See you then

Neil

About the Author

Neil Prior (FCCA) has been a Currency Trader and Trainer for over 20 years and is also a qualified Accountant and Business consultant with over 35 years experience with Blue Chip Corporates.