Damn, is it already 2021? With the second-wave of COVID-19, it is hard to tell from day to day where we stand.
Nevertheless, I am optimistic that the current situation is short-term and that long-term prospects are for growth and good times. But that doesn’t mean that there won’t be dips, sometimes deep, along the way. We are all witnesses and continue to experience this pandemic.
What we might not realize is that all the bad news we are experiencing could be the spark that lights up the best of times.
The question is: Are you equipped enough to navigate this bad times? There are tips you can follow that will serve you well in this season.
1. Get out of debt. The quicker the better. You cannot take advantage of opportunities when you are mired in debt. In addition, there are opportunities in both good times and in bad. In both, debt keeps you from profiting from the opportunities that present themselves. In bad, it magnifies the negative, as the cost of money increases and debt service becomes an ever-increasing part of your expenses.
2. Think globally. No longer can we afford to think globally and act locally. We must have a broader vision. We must think about how our vocation, our business and our industry will operate in a global economy – because it already does. We must be thinking of ways to tap into the offshore markets and expand.
3. Be entrepreneurial. This is the age of the free agent. Even if we are and plan to continue working in a larger company or organization, we must at least think like an entrepreneur. We need to be “in-trepreneurs.” Seniority and experience does not have the value that it did. Producing results – and profits – is what matters.
4. Become a capitalist. The wealthy own assets, the rest own liabilities – things that cost money to own and maintain. Capitalism is not a dirty word. A capitalist, by definition, is someone who owns assets – assets that produce income. Stock, equipment and businesses are assets that generate income.
5. Be flexible. Things are moving at a rapid pace. This demands adaptability. Things will not remain the same, nor will they go back to the way they used to be. We must be willing to change directions quickly. It is dodge and weave time. It is time to embrace change. Shift happens!