Recently there are a lot of forecast of “Bad News” from the experts all around the world for the world 2016 economy, and due to today modern social media technology, these news has been spreading all around the world. For example the RBS has quote to sell everything.
Screen Shot photo from: http://money.cnn.com/2016/01/12/investing/markets-sell-everything-cataclysmic-year-rbs/
Screen Shot photo from: http://www.thetrentonline.com/bad-bad-news-oil-prices-to-drop-to-between-5-and-15-in-2016/
If what the IMF forecast has come true, it will be extremely challenging on the economy for the country that highly depend on the revenue from oil and gas industry.
As a person who work in the financial planning industry, I get to ask for advice from friends and client when they saw these scary news. Some will ask “Is this real?” “When will the crisis hit?” “Is this a good time to invest ?” “Should I take profit for what I invest now?” and among all of the question, the top asked question is “What should I do next ?”.
Before I get to share my suggestion on “What to do next?”, I’ll like to let you know my point of view for the economy crisis. I’m a man born in 1984 so for what I can recall, the economy crisis that I’ve been trough and actually get to know that it is the 1997 and 2008. From what I’ve learn from my life, I see the economy crisis is an exam which just like the school final exam for the student, and this exam for each and everyone (both individual and company) to test and to be test on who and which has a better character and financial crisis management planning. So everyone get to be the examinee and also examiner for this exam.
When the time is in good economy, almost everyone and every company looks OK to work with them and have business with them, and most of their business proposal, planning and payment looks very promising, so we really can’t tell who and which are actually ideal service & product provider and business partner for the next up swing in economy. But not everyone nor every company will able to pass the “final exam”, some of them are due to lack of preparation and some are just doesn’t even bother to prepare for the it.
Individual and companies with good character are those willing to do their very best to deliver what they has promise even in a very challenging moment and situation, because this will tell the world who we really are, how serious we are for what we are doing and why we are better than our competitor, beside that I’m strongly believe this is also one of the most effective way to maintain a long term good relationship with the customer and business partner.
It’s unquestionable for the individual and companies with financial crisis management will definitely stand firmer as compare to those who are not, this will not only helps to create a stronger credibility but also will provide a better financial position for the re-bounce when times come. It’s really challenging for company to retain good supplier and good people to work with if the financial of the company has suddenly turn week due to financial crisis, therefore it’s extremely important to develop a strong and effective financial crisis management system.
I’m always agreed with this quote “Tough time don’t last tough man does”, and I believe those who with good character and well prepared will be the tough one to last, and working with the tough one will get us to the next level of success in work and life.
So what to do next when the wave of economy crisis hit on? I’ll say keep your eyes open and respond rather than react, because it is the best time to see who scored the best in the exam and get them listed in our ideal partners in life and business for the next 8-10 years but also remember this is also the time for us to show others why we are the ideal one for them, and usually only those with better prepared will able to respond better while others only could react.
Then what to do now? Let’s get to double check on all the preparation, cause if the big wave is really coming, we got a wave to catch and show the world our best!
Feature image credit: https://media.licdn.com/mpr/mpr/shrinknp_800_800/AAEAAQAAAAAAAADjAAAAJDYwNDcwZTE3LTE2YjgtNDhmNS1hYzA5LTFkZDE0ZTdjNWRlNw.jpg