Bismillah…
In my last blogpost before I went on hiatus mode, I covered the topic on Repercussions of Recessions in Macro and Micro perspective. In this blogpost, I will be covering on what are some of the possible solutions that can be applied during times of recession in order to stay afloat especially in our current situation where we are in the midst of a pandemic. Take time to strategize your plans either personal or as a business owner. Never too late to strategize.
Individual:
– Education: Constantly upgrade yourself in terms of skills and knowledge. This is important as there are always new things to learn in life. Always remember that you are never too old to learn new things. What matters most is the willingness to gain knowledge.
– Finance: Curb unnecessary expenses. Sit down and get your financial portfolio reviewed by your Financial Planner half yearly or annually. Update your situation to your Financial Planner so that they can assist you accordingly.
Business:
– Support: Reach out to Business Advisors or Trade Chamber or Business Consultants to seek assistance especially in reviewing your business needs. Based on my experience working in a Non-Govermental Organisation (NGO), there are various programmes, workshops and info-sharing being circulated or outreach done to the business community. Seize the opportunity to sit down and discuss or attend educational/informative workshops/programmes which benefit your business.
–Finance: Tap on grants available by the government. Meet corporate finance advisers to assist in business planning and continuity. If you need to obtain business loan, it is time to sort out your business finance and ensure that you have compiled the documentations diligently.
Take time to strategize your plans either personal or as a business owner. Never too late to strategize. Lastly, stay safe, be healthy and all the best!
i-financejourney.com 
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