Tips for times of crisis

When faced with an global economic crisis we can often make wrong decisions, which leaves us with a bigger problem for the future. We must understand that this crisis is global and affects everyone and we must thus tighten our belts.

We do not know how long it will last or how deep this financial crisis will be, but we do know that we must act decisively to minimize the impact of the crisis affecting millions of people in their working conditions and life expectancy.

If we are to fix things quickly in the same regard as for computer specialists, namely whether the computer has many problems such as viruses and other things the solution is to reset everything and start again, but in doing so we will lose valuable information that cost us work and time to have in the first place. The same applies to the company if we take hasty decisions. This could lead us to lose skilled people, our place in the market, production capacity and so on.

Some solutions to these problems:

1. – Adopt a culture of saving – even a little. Avoid debt and the usage of further credit except in extreme need.
2. – Adjust your spending and consumption to our real needs and our economic potential.
3. – Do not neglect the quality of our production and we must now become more productive.
4. – Take initiatives to improve our information gathering and competitive edge.
8. – Try to use the internet to do our banking, to find the best prices and decide which is best to buy, while trying to save the most. This means choosing products with a lower price but still maintaining good quality, otherwise it would be diminishing our quality which would be extremely dangerous.
9. – Make purchases in accordance with a previous list and not leave it because if we do our shopping without planning to spend more than 30% of schedule, let us also buy seasonal produce.
10 .- Analyze your bank statements as well as we know our cost per period. If we see that our bank debt payments exceed our ability to pay it back, you can talk with the banks and advised that it is not our intention to stop payment but to pay what you can when you can.
11 .- Use our washing machine and dishwasher when full, check our subscriptions or fees are not going to the gym, try using public transport whenever possible.
12 .- Do not be misled by what people do because what is good for some may not necessarily be good for you.
13. – If you have the financial resources to invest in fixed return products such as bonds, bills, do not invest in the stock market these days, be careful with loans in other currencies and even offers low-interest could create a problem for medium and long term.
14. – Analyze and determine which of our products or what are the best selling and seek to improve quality and service, leaving aside for the moment those slow-moving products.
15 .- Analyze the activities of our staff, involved in our policies and try to make them more efficient by assigning new responsibilities, take care also of our valuable personnel and eliminate anyone who believes problems and lower productivity and teamwork.

With this advice you can survive this period of crisis. Moving on what matters is not living a bitter life driven by fear as this would be the beginning and ending of our problems. With knowledge we can face this new challenge and help us to be always prepared for anything.

Lucio Ayala

Tags: