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Four Focus Areas During Economic Transition

 

-By Angel True

By now you are no doubt tired of hearing about the economy and might in fact be extremely confused about what's going on. The truth is - so are most of the people talking about it! Most news media simply repeat what they are told by those who actually do know what they are talking about and often that has a political "spin" to it.

Here's a little reality on the situation:
1. We are experiencing the largest economic adjustment since the Great Depression.
2. In the last 1 ½ year we lost all the jobs created in the last 10 years.
3. "Economic Recovery" means new jobs are being created.
4. We are still losing jobs in the economy albeit at a slower rate than previously.

The common misconception happening right now is that when we stop losing jobs we will be in an "economic recovery". The reality is that this economic adjustment is about more than just standard business cycles. Without getting too technical about it the bottom line is that the way business works is changing. This transition period will reveal how these changes will ripple outward to small business owners, large corporations and the workers that help run them. More importantly - this will take time! The Great Depression was a major turning point in the world economy and how it works and we are still experiencing those differences today. There is no reason to think that similar changes won't occur this time!

What will happen next is still anyone's guess. Some economists think we are almost at the bottom of the job losses, some say there's still a lot more to come. Politicians want you to believe that everything will be fine after we stop losing jobs but the reality is thousands of people are still out of work! It will take time for those jobs to be re-created. After all, it took 10 years to create them in the first place.

There is no need to panic! Eventually the economy will sort itself out but in the meantime what can you do to make the best of the situation? Here are 4 easy areas to focus your attention for maximum effect during this economic transition.

1. Collaborate With Other Businesses
If you're a small business owner find other businesses to collaborate with. The time of "competition" is ending and the time for "collaboration" is beginning. Find complimentary businesses to pass referrals back and forth. Find similar businesses to collaborate on projects or advertising with. Build your business network by meeting as many business owners as possible so they know who you are and what you do. All of these connections help to effectively extend your sales network and increase your visibility!

2. Update Your Skills
Do you have all the skills you want right now? Are you doing work that is nourishing and satisfying? Is there something you've always wanted to do but never had the time to learn? During an economic transition everything is up for change! Especially if you're one of the unlucky ones to be unemployed right now this is an excellent time to go get the training and skills you really want.

3. Consolidate Your Resources
Join community groups with interests in shared resources. Call all your friends and host a clothing exchange. Meet your neighbors and find out what tools or resources they have available to share. Create a neighborhood resource sharing group. Consider which resources you might be able to utilize for different purposes. Get "back to basics" with cooking, cleaning, recycling, focusing on renewable resources in your home and business, and encourage others to do the same.

4. Formulate A Plan
The biggest roadblock most people face to successfully thriving in transition is not having a plan! The economy is changing , society is changing, business models are changing, jobs are changing - everything is changing! The old "get a job, work for a long time, save money, retire" plan isn't working as well as it used to. It's time to revisit and revise the plan to reflect the current and changing conditions. Consider whether you're living sustainable both environmentally and economically. Consider what your career plan is and whether it's a career that will still exist in a few years. Evaluate your needs for the immediate, medium and long term future. Have multiple options for different circumstances.

By taking time to focus your attention on these 4 areas you will be ready to jump into the new economy as the transition continues. This focus will put you ahead of the curve for anyone else who continues to act as if "business as usual" is still working.

The most important thing of all to remember though: Ask for help. None of us can do this alone anymore!

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