Best Practices to thrive in Recessionary times: An Introspection

Currently, the recession is doing rounds across the Globe and the gloomy picture all around reminds me of a saying which I am hearing since my childhood "When going gets tough, then tough gets going". Really? As an Individual, can we really make a difference. What best can be done to sail through these turbulent times? All from SENSEX to Salary goes down and nothing seems to be working. Its not just about loosing money or job, people tend to loose focus. So what do we do? I would to like to open this forum to have an introspective view and come up with best practices from an individual point of view for a much better and sustainable future. Here are some of my views :

1) Invest in yourself - Remember, the basic fundamental behind investing money? Park your money from where you can derive the best returns in least possible time with minimum risk possible. In short identify better oppurtunities at minimum risk. By investing in yourself one just needs to devote time and effort to prepare for any and every oppurtunity coming your way. But How? Keep learning new things . Learn new software language if you are an IT professional. Learn new Banking concepts, norms, standards, case studies etc if you belong to banking and finance background. Look out for industrywide accepted certifications which helps building your credentials. CCNA, CCNP, PMP or be it any certification, look out for and grab them. Expanding your horizons all times will just make you more scaleable and better employable than others. Be the frontrunner for any oppurtunities which might come in your way, which are anyways very feeble in such depressing times. Also I am made to believe that oppurtunity doesn't knock at your door twice.

2) Knowledge Obsolescence - Life of a Newspaper is just one Day! and definitely your hard earned knowledge is not any news. Knowledge is the only entity in our life which can also come free of cost and finally it ends up becoming the bread winner!! But are you updating your knowledge? or Is it getting lost or becoming obsolete as the time passes? In gloom period whether you are a Decision maker in your company or a job seeker, just check whether you have right kind of knowledge, skillsets and approach to participate. Margin of error in these times is bare minimum. Subscribe to your industry related newsletters, magazines, exhibitions, associations or governing bodies websites. Listen to industry leaders or speakers who are now accessible on leading video sharing websites like Youtube! Make best use of these possibilities.

3) Networking at its Best - In childhood did you play a game called 'Napolean' with playing cards - A game named after famous French military and political leader Napolean Bonaparte. The rule of the game is simple - The one who conquers all the 52 playing cards by his side all alone in the end is the Winner! Conquer people by your side. Network with professionals not just locally but globally! The more you network with people the better understanding and footage you build up. In tough times taking tough decisions could be very pensive. You need right guidance by right people. And trust me, they are not avilable next door. Professionals having better overview could be your saviour safegaurding your interests and become your better guide. Social and Professional networking websites like LinkedIn, Orkut, Facebook etc are helping this cause tremendously.

4) Don't forget your Money - Above, I spoke all about intangible 'assets' which can benefit you in recessionary phase and in longer run. But the fact is - that you still require money for survival!! Dont forget your money. One needs to be extra careful while dealing with hard earned money especially when you don't know, how long will it last with you. Park your money in the safest mode with least or no risk. Prioritize your spending and investments. Try and estimate the amount of money you would require in short or mid term. If you cannot, seek a financial advisor. Recession may last for years together. Leave aside the unforseen circumstances, they are anyways not in your control.

I am quite inquisitive to know any views/suggestions to be adopted in recessionary phase. What are your takes on this?