Business Talk

Don’t Panic-Have a Plan

Tired of hearing all the bad things that are happening in the world? Lots of people panic when stocks start to fall, interest rates take a nose dive and businesses report loses but if you’re prepared things like this should never scare you.

Stocks will bounce back, interest rates will rise again but while we wait for that to happen here are some things we all need to do-

Have a Road Map

I’m not talking literally, but this weekend or this month, sit down and take note of where you want to be in a year, five years, ten years. Remember the popular interview question where do you see yourself in five years time? In your dream scenario what does your life look like? Once you have that then it’s time to…

Plan

There’s nothing wrong with dreaming but it just can’t be all dreams. You have to put those dreams into some sort of action plan.

Say your dream is to run a business that brings in six figures and you want to achieve it in five years.

That’s the main goal so now you need to break it down step by step on how you’ll get there.

This year starting the business etc.

Plan for the Unexpected

None of us are fortune tellers…well maybe some of you are but we don’t know with any certainly what’s going to happen in the future. It’s not about being pessimistic but it’s about being smart. What if you get sick and can’t work or run a business for say three months, six months or longer? What if the area where you live has some sort of natural disaster that makes you homeless for awhile and unable to run your business without power or the Internet. Look at the worst case scenario and makes plan on how you’d deal with it. Be proactive and never be forced to be retroactive.

Don’t Put All Your Eggs in One Basket

This goes for business and your money. Look at ways you can start several businesses so if one slows down, you have another one for income while you get back on your feet. Also, look at ways you can diversify your money. Don’t put everything in stocks, don’t put everything in savings, or everything in bonds. Find a money expert you know you can trust, sit down and talk to them about ways you can spread the risk over all the possible options.

Keep Your Own On The Future

I don’t know who once said, I‘m not worried about the past, it’s the future I look toward because I have to spend the rest of my life there, but that’s so true and something we should all take note of. I know it’s sometimes hard to read the news, watch the TV and witness the chaos but sometimes it’s the only thing that gives you a clue as to not only what’s happening right now, but what is probably going to happen next month or even next year.

So this week, don’t panic, keep positive and put your plan together.

Talk again soon, and remember to live the life you love.

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