Time to plan future course of action

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!