Let’s Discuss Economic Recession

Economic recession is one of the major problems grinding most world economies at the moment. Almost every individual and organisation is affected by the recession currently ravaging world economy. It has gotten so bad that the price of dollar to Naira has doubled just in a span of one year. Companies are cutting cost, laying off staff and diversifying just to maximise profit and stay in business.

There are so many articles online on how to manage or survive an economic recession, but I noticed most of them failed to explain how to take full advantage of the situation and win in those challenging period. So, I decide to share some tips on how to manage, survive and win during an economic recession. Trust me; this is not another random tales by moonlight.

Economic recession occurs as a result of a problem that has been created in the economy. However, in my view, every problem provides an avenue to proffer a solution or solutions; this therefore automatically provides an opportunity to soar high by simply identifying this problems and solving them. This can simply be done by ‘thinking out of the box’.

What then is Economic Recession? It’s simply a slowdown or massive contraction in economic activities. A significant fall in spending generally leads to a recession.

Permit me visit history and explain some of the biggest recession in the world and how some countries took advantage of it to become the world power. Let me start from the days of the Egyptian Empire, It was recession that made Egypt the world power some thousands of years ago. When the world experienced one of the greatest farming, Egypt had stored up grains and other food items that could last them for years. This made it possible for them to solve the food problem by selling to majority of the country in Africa and Middle East at that period. This made Egypt so powerful and made them emerge as world power at that period. Recession also made United States of America (USA) the world power during the World War I and II. When other nations were having internal and external crisis, USA was busy producing food, machinery, electronics etc for war and recession ravaged Nations. This further made their currency the world trading currency.
Fast forward to the last world recession which was barely less than two decades ago, it affected great countries like the USA, Germany, Britain etc. One of the fastest growing economies in the world sprung up. This incident made China the biggest economy in the world as of today.

You might be wondering what made it possible. My friend it’s still the same factor mentioned in the case of Egypt and the United States of America; PRODUCTION!!!!! Yes, production.

Trust me, no Nation can sideline production (Agriculture precisely) and expect to be great. Na Na Na, there is no magic or shortcut in achieving greatness.

The Decision is yours to make

Haven given this long speech, permit me to introduce my 10 tips on how to survive and win during economic recession.

1.      Agriculture: Truth be told, every one cannot practise large scale farming. But you must be sincere with yourself to admit that small scale farming will not only benefit you and your family, but leftovers can be shared with neighbours or sold.

2.     Diversify: You might say, I already have a farm. Oh, that’s good my friend, but my friend, there are other things you can do, how do you dispose your waste, do you know you can sell your farm waste?

Please note that diversification can be done by every individual. Mrs. Technology, have your tried Agriculture. Miss Agriculture, what if we try food processing.

3.     Solution maker: Look at the problem we face as humans and try proffer solutions.

4.     Obey the multiple streams of income law: Try to create multiple sources of income. You might say: but Seun, I am a civil servant na, I don’t have time. Ermm Seun, you know I am a team lead at my place of work, if I can be at work 24-hours 7-days sef they will be glad.

My friend, sure I know, that’s why I am simply advising you to try your expertise advice in order fields of keen interest. Example: Online tutoring, freelancing, mentorship class, online data entry, product review, blogging, etc.  

5.     Sew your cloth according to the material: Funny right? Of course you don’t need your account manager to advice you on how to spend. It’s about time we reduce or cut cost significantly.

6.     Look inward: what is that skill or talent in you that can be developed and given a commercial value. It’s about time you polish and start utilising it to its maximum capacity.

7.     Agriculture: Yes, agriculture again

8.     Agriculture: Don’t be scared, it’s not repetition

9.     Agriculture: Yeah, and again. This is simply to show you the importance of food production to the economy of a Nation.

10. Do not get discourage and don’t lose focus.

So glad you are here, are the tips helpful? Or you want to add to the list. Don’t leave without dropping a comment. Enjoy the rest of the day.