Coming up to one year, the war in Ukraine is the largest land warfare in Europe since 1945 and has resulted in the most far-reaching sanctions since the 1930s. The ripple effect has been tremendous with rising energy and food costs causing the highest rates of inflation since the 1980s.
With many economists predicting that a global recession will become inevitable in 2023, it is vital that we are prepared and equipped with the knowledge and resources to navigate the pending uncertainty and coming recession. To help you prepare, here is a guide to thriving in 2023:
1. Have a financial plan: Before the recession hits, develop a financial plan to prepare you for possible income loss and potential significant changes. Having a basic plan for budgeting, savings and debt management, will ensure you have the fundamentals in place from which to make informed decisions when it comes to your finances.
Don't be afraid to utilise resources like online tools and apps such as budgeting calculators, automated savings apps and tax-preparation software to help you achieve this and to manage your finances.
2. Maintain your health: During a recession, it is all too easy to lose motivation to focus on self-care. Maintaining your physical health and emotional wellbeing is important for handling stress better and avoiding burnout. Prioritise sleep and exercise, practice meditation and make sure to keep healthy habits despite the economic challenges.
3. Strengthen vital professional skills: Invest in yourself by honing your professional skills and increasing your knowledge base. You can take advantage of online courses or get certifications to market yourself as a highly valued professional.
Creating healthy business relationships and expanding your professional network will also be instrumental in empowering you to identify opportunity during economic uncertainty. Attending business conferences, like the How to Thrive the Coming Recession held at the Palcall Tsumagoi Ski Resort in Japan between the 26th of February to the 3rd of March 2023, will be an ideal opportunity to not only expand your business network, but to also arm yourself with the vital professional skills to thrive in the coming recession.
By taking the above steps, you can prepare to better manage a recession and hopefully come out of it in an even better place. There is no guarantee that the recession won't affect you, but having a well-crafted financial plan, a solid health regime, healthy business relationships and the necessary resilience and professional skills under your belt will help you make the most of any downturn.
Paul Pitsaras LL.B B.Int.Bus.
Managing Director
The Open Mind Institute
