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With the world economy in meltdown, each person is asking one question: “How is this going to affect me?” (Or affect us, if you have a family to feed.) Redundancies are already a global fact of life.

In December 2008, the US unemployment rate rose to 7.2 per cent, with more than 11 million people unemployed. In the United Kingdom, redundancies are hitting “white collar” workers – those in consultancies and management. Between June and November 2008, more than 22,000 people working in these areas lost their job. There have also been significant cutbacks in the leisure industries – tourism, hospitality, amusement and sports – largely because of the drop in the amount of discretionary spending available in most homes.

Who will survive?
During an economic downturn, businesses are at risk. Turnover is less and cashflow is tighter. Profitability is reduced, because business activity slows and there is more competition between firms for the small amount of business available.

If you are a small or medium business owner, you will already be taking steps to minimize the potential impact of the recession by attending to debt consolidation or reduction; taking a proactive approach to business management; reviewing costs; and ensuring asset protection is in place.

Employees can take similar steps to protect their personal assets and their wellbeing against the threat of redundancy.

Reduce debt
Make sure you know exactly how much you owe, and to whom. Now is the time to pay off your credit cards if you can and to dispose of all but the most important ones – three is possibly enough to ensure you maintain your good credit rating. Once you have paid consumer debt, accumulate as much cash as you can.

Become proactive
Rather than waiting for the worst to happen, take control of your life by looking realistically at your assets and thinking laterally. Do you have a hobby that you can use to make money? Are you prepared to work at times when others prefer not to – nights, or holidays? Not afraid of “dirty work” that others won’t touch? If you work in an industry where staff numbers are dwindling, are you able to re-train and embrace another career?

Review costs
Taking control means knowing exactly how you spend the money you have. Are there things you can do without? What does that daily cappuccino really cost? Are you spending too much on the power bill? On “toys” like a pleasure boat, or a TV in the bathroom? What other overheads do you and your family have? Most people can simplify their lives if they try, especially if they develop a taste for things that are free – hiking, visiting the library, gardening. By saving, you can often accumulate as much money as by taking on extra work.

Protect your assets

This is where you focus on the positive aspects of your life. Since you are your greatest asset, it makes sense to protect your health. Get sufficient exercise, eat healthy food, cut back on alcohol and tobacco, sleep soundly. Attend to the maintenance of your home – your second biggest asset.
And take good care of your family and friends, because we all need each other. Developing excellent communication skills will always stand you in good stead, whatever the economic climate!

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