The
precautionary measures undertaken to contain the corona virus has limited the
adverse impact on health of people but significantly impacted the economy. The
whole World is shutdown and people cannot think anything other than
safeguarding themselves against the disease. The economic situation is less
than ideal with everything at a standstill. However, the worst is yet to come,
once the disease is under control and people get back to work. The economic
conditions by then are expected to be so dire that the primary focus for each
one will be the survival of their business or work in such a poor economy.
Governments
of most countries have spent a significant proportion of their savings towards
control of Coronavirus and withheld other plans of development/ expansion.
Once, the impact of Covid-19 is contained in these countries, they will face
challenges to refocus on development initiatives for economic growth.
So,
now this is the time when individuals should start planning their future life
with a focus on their field of work and how to work. Government facilities will
be available based on various factors, but individuals have to plan their own
course of action.
Seven Key points to
remember as we go into an uncertain phase is:
1. Future is very tough – in addition to cash flow issues and
fear for the health, the slump in economy will be long and challenging
2. Plan your life &
business activities –
the primary focus in this period should be to spend time planning your growth
opportunities
3. Plan your expenditure – the expected recession in the
economy will significantly impact all businesses and at this time it is
important to plan your expenditures efficiently for optimum results
4. Avoid social pressure
for unnecessary expenses
– it’s easy for people to get carried away and splurge, however, this is a time
to limit wasteful expenses and spend primarily on needs rather than based on
social pressures
5. Get yourself properly
insured in terms of medical & life
– if there is one thing we have learnt is the importance of insurance!
Re-evaluate your insurance policies and ensure you have a strong safety net
6. Built your immune
system to fight with any kind of viruses in future – once the virus has been contained,
remain focused on improving your immunity, this is important not only for Covid-19
but for your general health and other possible diseases
7. Now avoid discussion
on Covid-19 and think on these issues
– the most important thing for us to do is stop reading all the negative impact
of Covid-19. While it is important to take precautions, continuous
discussion on the same will cause undue stress. This time can be focused on
these issues which will atleast help for a better future!
