Staying Positive Under Negative Economic Circumstances




August 27  2013 l ndbs   By: Ndzavi Derrick Hlungwani 

Petrol price is going up and up and up, GDP figures are declining, Inflation is rising,  Most companies are closing down due to financial constraints, Operating costs are swallowing the profit every month.  These things have a potential of rising the blood pressure especially if you are a business owner caught in this economic turmoil.  Resilience and determination is needed coupled with positive attitude in order to sail through the turmoil.

Admit that you are facing challenges

Many entrepreneurs do not want to accept that they are faced with difficulties in their businesses because they don’t want people to laugh at them or see them struggling, instead of admitting that they are faced with challenges they want to act and spend as if everything is normal.  Once you admit the situation you take the next step.

Down scale your expenses

You used to shop until you drop without even checking the price, but current conditions do not allow you to continue that way therefore you need to draw a budget and spend within your means.  The situation won’t stay as it is since this is a world wide phenomenon, when things change for better you will then go back to your luxury life since there is nothing wrong with that as long you can afford it.  Down scaling also mean changing children school especially if you realize you were struggling to pay the fees the previous year.  If you were renting the big apartment you might consider moving to the one that you can afford.

Don’t stone your debtors

Be careful how you treat your clients because the business is slow due to them not having the buying power they used to have.  Don’t scream and throw your hands and threaten them, yes there are those who will take advantage of the situation but there are those who might have lost their job.  Be there for them and support them emotionally than adding more stress in their lives by phoning non stop. 

Negotiate with your Creditors

Do not wait for your creditors to call you first, if you know you have skipped the payment do the honours and call them and apologise for not having made the payment and make arrangement.  Show willingness to pay than trying to avoid their calls.

Don’t loose Hope, help is on the way

The moment you start complaining about the conditions to your clients and start telling them that they should pay you because your child has been expelled from school then you are starting to crack.  If you believe in God like I do this is the time to look up to Him and have faith in Him and He will see you through.  



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