The coronavirus has necessitated “stay home” order by the government and self-
distancing socially in other to curb the spread of the deadly virus, this in turn would lead
to economic distancing thereby leading to recession as stated by World Bank since
there is a lockdown on business. Hence, below are the 5 things you need to do to
mitigate the likely economic effect covid 19 outbreak:
- Cut Your Overhead Costs: This can be achieved by simply evaluating your needs
both in the organization and personal life. It involves looking round and identifying things
that are seldomly used or things that can be improvised to reduce cost. Avoid paying for
anything that you do not need. Differentiate wants from needs. Survival is key for now.
- Continuous personal development and skills acquisition: In a period of economic
downturn as this, personal development and skill acquisition increase your
competitiveness in the job market and it is important for all heads of human resources
and organisations to encourage their members of staff to enroll for virtual training as this
would help to boost the performance of the organization. Building your soft skills which
includes solid capabilities in areas like problem solving, emotional intelligence, critical
thinking, communication etc. Each of these abilities can enhance your value wherever
you are and such skills can provide the experience to be prepared and equipped to take
that next step towards achieving that goal you desire.
- Create more streams of income and render more services: Creating multiple streams
of income allows an individual to have various cash flow sources that are coming in.
This puts you in a better position to be prepared for an economic downturn. Now you
have something to fall back on. It reduces the risk of being left without any income. If
one source of income drops, you have other sources to help you get going until the
- Evaluate Your Needs and Set Priorities: This could also be referred to as needs
assessment which is a process used by organizations or individuals to determine
priorities, make organizational improvements, or allocate resources. Plan all your
expenses. Only items on the budget must get allocations.
- Build up emergency savings: An emergency fund is a bank account with money set
aside to cover large, unexpected expenses, it is an emergency fund that creates a
financial buffer that can keep you afloat in a time of economic meltdown. An emergency
fund is cash that you’ve saved up for the sole purpose of helping you maintain your
normal life through the emergencies that life hands you. The first trick to savings is not
to wait and see how much you “have left over” at the end of the month, but rather to
“pay yourself first at the beginning of the month (or each time you get paid), put aside a
certain amount towards your emergency savings before you do anything else.
- Embrace Digital Economy: It offers new opportunities for entrepreneurship and job
creation .Through digital economy you can make money leveraging platform business
model, virtual connectivity and other digital platforms.
At Brand7Ps Communications Limited, we are passionate about training and mentoring
digital marketing experts and young professionals who will champion the growth of
businesses in Africa. We partner with many corporate organisations for the recruitment
of digital marketing professionals.
For more information call +2348159552222 or +2348052362277 or email: