We do not want to be reminded of the World War 1, which was triggered by the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav Nationalist Gavrilo Princip in Sarajevo on the 28th June 1914. But to remember the 9th of November 1914, when speaking at the Guildhall, Winston Churchill embellished his speech with the phrase “business as usual”.

The maxim “business as usual” these days has been over flogged, making it lose its true essence. But it is important to understand the true meaning of the phrase “business as usual”.

Business as usual was a policy adopted by the British Government during the early years of the World War 1. Its fundamental belief was that in order to maintain a stable and functioning country, activities must continue in the same manner as before the war. In other words, the British government wanted the citizens to continue their daily and business activities as it was before the war broke out. This, they believed, won’t give the enemies the victory that they sought.

Winston Churchill who made the statement or the Prime Minister in office then wasn’t saying the people should ignore the negative effect of the brutal war—it was difficult to ignore—, but obliged the people to be strong and hopeful. This was a way of telling them to strife and run their daily and business activities as best as they could as if nothing was happening. This of course is the appropriate way to handle recession—to run your daily and business routine as if nothing is happening.

Recession according to economists is a period of temporary economic decline during which trade and industrial activities are reduced. This is caused by a fall in GDP in two successive quarters. Recession is a downturn in any economy; it is associated with high unemployment, slowing gross domestic product, and high inflation. The definition could be scary, but how to breeze through it is very important. Of course, we should expect recession shortly in this post covid19, and should be prepare to navigate through it. Here are some tips that can help you breeze through recession in any economy. 

Tip #1-The business as usual mentality: It will cost you more talking about how bad it is. Such will drain your energy, time, keep you idle. It will make you constantly afraid and leave you with a negative disposition. So, stop talking about how bad it is; focus your energy on business as usual. Proceed as if nothing is happening. This is not a way of living in denial; it is way of looking at the fact and working hard against the odds. It is the optimistic spirit that will keep you going. So, plan your daily routine, set goals and take necessary actions to achieve them as always or as usual.  

Tip #2-Create additional streams of income: Dig out all your skills, polish and start selling them. During post covid19 or approaching recession, you cannot leverage on a single source of income when you have other skills lying dormant in you. Harness and sell your hidden skills for a fee. If you think you don’t have one; go acquire one and sell it. In these trying times, you have to increase your productivity and income by leveraging on extra skills.

Tip #3-Strengthen your professional network: Again, go out there and network with other professionals. Create solid partnership with them. You cannot succeed as an island; expand your network and do projects with people in your network. Remember to focus on projects that will yield income.   

Tip #4-Downsize: This may not sound good, but it is necessary. In tough times, it is necessary to downsize. Cut off unnecessary spending; reduce your overhead and spontaneous spending. Your focus should be how to make more by spending less. The surest way to do this is by tracking your daily expenses and income. Then focus on what is bringing money into your pocket and not what is taking it out.

Tip #5-Eliminate and avoid debt: When your income isn’t stable, you may not be able to service your debt. So, at this point, it is important not to get into more debt. Rather, find a strategy of getting out of debt. Avoid debt like a plague. This period isn’t the best time to get into it; it is the best time to stay away from it.

Tip #6-Leverage on a stable economy: If country is going through recession, then leverage on another country’s economy. Thanks to the Internet, you can be in Nigeria and do business in China, United States or far away Australia. Look for opportunity to leverage on a stable economy and then sell whatever—product, service or skill—to them.    

Tip #-7-Decide not to participate: To participate or not; is a personal decision. The only way to do this is to look at recession from a poor man’s perspective. Most poor men go through recession even in a buoyant economy. To a poor man, recession is simply to be very broke; to have no dime for food. Some at this point result to begging, but for some, they resolve to better themselves by planning an escape route. In this recession, it is left for you to plan an escape route by leveraging on the tips.