THE COVID-19 EFFECT

The COVID-19 pandemic has not only made a statement as a human and health crisis globally but is also threatening the financial stability of the entire world.

Across the globe, countries are desperately implementing strict measures in order to minimize the spread of the virus.

This has unfortunately resulted in economic downturn for the majority and with even more uncertainty surrounding the length of time these measures need to be in place for, the global financial system could take even longer to recover than initially anticipated.

This pandemic has crept in out of nowhere, leaving no time for individuals and businesses to prepare themselves.

As uncertainty continues to unfold, everyone is working hard to try and mitigate the long-lasting effects of COVID-19, especially the people dependent sectors and businesses finding difficulty transforming to digital platforms needed to continue functioning.

The SARS outbreak in 2003 is estimated to have cost approximately US$40 billion and economists reckon the COVID-19 effect could cost three to four times more than this!

Even prior the pandemic, some companies were concerned about their survival prospects but now more so than ever.

However, could this be the perfect opportunity for companies and individuals across the world to reinvent themselves?

PREPAREDNESS AND RESILIENCE

The key to being triumphant and making it through whatever life throws your way is preparedness and resilience.

Since the start of the coronavirus out-break there is strong evidence that companies who adapted quicker to working digitally and remotely are in a stronger position to handle the challenges brought on by the coronavirus and whatever lies ahead.

For example, before the outbreak, Amazon invested in HR software for the digital induction of new recruits. On March 16th alone, the company took on 1,700 new corporate employees.

The key is to be prepared for absolutely anything in the coming months and to remain resilient no matter what is thrown your way.

Preparedness is determined by the extent of your digital working practices, flexible working, and your agility in response to external shocks or stimulus.

Resilience on the other hand is determined by the line of work you are in or are looking to get into.

All sectors of the economy have been influenced differently by the pandemic.

Business models that are predominantly people-dependent, those that rely heavily on supply chains and those that have difficulty digitizing are all suffering the most. So perhaps best to avoid following these business models.

PREPARING TO BOUNCE BACK

Reskilling and having an adaptable mindset are vital for successfully bouncing back from this pandemic. Let’s have a look at some of the ways in which you can bounce back from this global pandemic.

All business ventures carry at least some level of risk. The following skills and tools are not fool-proof and will not guarantee success, instead they should be used to find new ways of re-establishing yourself and your resilience throughout this troubling time.

Grow a Professional Network

Having a good professional network can take you places; sometimes even to places you would never have found on your own. As the saying goes, “It’s not about what you know, it’s who you know.”

Networking comes naturally to some people and is trickier for others, but in the grander scheme of things, anyone can do it. There is no set strategy or top-secret networking code that one needs to follow.

All it takes is for one to stop making excuses as to why they can’t or won’t network and to make the first move from there.

In most parts of the world there are still strict social distancing measures in place, so trying to network in a social environment just isn’t going to work.

The best option would be to network through online platforms, which isn’t necessarily a bad thing as these platforms save you so much time and effort by providing ready to view user profiles that you can quickly scan through.

In order to establish a strong network, you need to focus on the right people for your network.

In other words, your contacts need to be meaningful in the context of your area of expertise. Sending out thousands of emails to random professionals in the hopes of establishing a sufficient network isn’t the way to go.

If you need some extra tips and insightful information about networking then enroll for the Clever Networking Formula on Cleverism today to master the skill of efficient networking.

Professional Networking Platforms for You to Have a Look At:

LinkedIn

LinkedIn allows you to connect and share interesting content with like-minded individuals. The platform was designed to facilitate networking through InMail, Introductions, and Connections. Once you have made your connections, the Messaging facility allows you to open real-time conversations. You will have the opportunity to maintain your professional appearance and brand through a well-designed and updated LinkedIn profile in order to increase your relevance to prospective employers or employees.

The key with LinkedIn is to create a powerful LinkedIn profile. Essentially you are advertising yourself to anyone anywhere in the world that you would like to network with on a professional level, so naturally it would make sense to put the best version of yourself forward in order to attract the right people. Have a look at How to Use LinkedIn for Business Purposes or this LinkedIn Profile Guide for some tips and advice on creating the best profile for yourself.

Facebook

Facebook is a great means of leveraging your business. Facebook features such photos, infographics, Groups, discussion boards and trending topics are an excellent opportunity to establish a network with individuals and businesses that have the same interests in mind. Although not as professionally driven as the likes of LinkedIn, this is a very accessible and easy to navigate means of connecting with others.

Initially Facebook was created just to connect friends and family all over the world. Since then its networking capabilities and purpose has progressed rapidly with over 2.60 billion active users on a monthly basis and over 1.73 billion active users each day.

The new Facebook Live feature allows individuals and businesses to broadcast from a mobile device straight to their Facebook News Feed. This allows you to connect with people in real-time from the comfort of your own home.

Check out this helpful article on how to get yourself set up and ready to network on Facebook or this insightful guide on how to use Facebook groups to boost your personal and business image.

Twitter

The Twitterverse is an excellent means of building a professional network with people from multiple facets of life.

The use of trending hashtags and hot industry topics has become a means of connecting individuals on a professional level with from people across the world sharing the same common interests.

In order to successfully build a network, you need to contribute to the relevant conversations going on around you. By regularly engaging and posting tweets that are relevant and useful to others, you will start to build a following for yourself and your personal brand.

Checkout this helpful article on how to set up a Twitter account and some tips on how to use Twitter for business purposes.

Meetup

Meetup allows you to join a local group in order to meet new people that share the same interest as you. When lockdown regulations loosen, Meetup can be used to try something new, or do more of what you love while building professional relationships with people like you.

For some individuals it is easier to connect with others in person, Meetup is the perfect opportunity for this. This platform allows you to specify the types of meetings you are interested in based on location, topic, and date. Once a group of like-minded individuals has been established, you can start to make gatherings a regular occurrence, slowly building and diversifying your network while sharing in industry-specific knowledge.

Here are some tips on setting up your Meetup account and making use of its features to their full potential.

Bumble Bizz

Bumble is more than just an online dating app, the platform boasts a business networking feature designed for professional networking and mentoring. Bumble Bizz users will swipe to find connections they would like to network with and allowing women to choose who they would like to talk to. The goal is to “help clear up the gray areas in networking that often make women feel uncomfortable.”

Your Bizz profile allows you to share verified photographs of yourself, digital resumes, skills, and even examples of your work. The app uses geolocation features to make things easier for you when looking to find professional connections in your local area.

According to Business News Daily, this is the perfect platform for small business owners as the app specifically focuses on individual connections, making networking an integral part of the experience.

Take Advantage of Online Courses

There are hundreds and thousands of incredible online courses available on various different platforms. The best thing is, is that you can partake from the comfort of your own home.

This is an awesome means of upping your skill set and making your time at home more productive.

Especially now with countries experiencing forced lockdown, companies have been offering online courses at ridiculously reduced rates and some even free of charge. A great starting place would be to check out this article for 45 Free Online Classes to Improve Your Career.

Furthering your education is never a waste of time and doing something that will make you stand out from others will only benefit you in the long run. Cleverism has an array of articles under their blog section with some of the top online courses available at the moment for various fields of interest. Take for example this article of the Top 9 Online Computer Sciences Courses available for you to delve into developing your skills or learning a new skill.

Kurzarbeit

During the 2008 financial crisis, Germany implemented a short-term working scheme called “Kurzarbeit” in order to reduce payroll costs, retrain workers, and keep mass unemployment to a minimum.

The scheme was aimed at companies hard-hit by downturn, allowing them to send workers home to work remotely, drastically reducing working hours, and the state would fund a large portion of the lost income.

The method was effective and allowed Germany to quickly bounce back from the financial crisis with over 200,000 jobs saved. Germany is hoping that this tried and tested method will be as effective this time around.

This is an effective tool for employers and employees to establish during this difficult time as it allows employees to maintain some of their financial stability, while allowing employers more time and financing to plan for a potentially greater economic downturn.

This also allows companies to retain highly skilled workers meaning a quicker recovery time when things begin to normalize.

Start a Side Hustle

Having a side hustle has become more and more popular these days as harsh economic times call for lucrative side businesses to bring in some extra cash. So many people have been forced to work from home, so why not take some time to strategically turn your hobby into a business.

“Having a ‘plan B’ can give you peace of mind that no matter what happens you’ll have a source of income,” Mullane told Business Insider. “Driving for a ride-share service is something you can do in your spare time. I know digital marketers who consult after hours or on the weekend.”

There are so many great ideas out there to get you started and to make things easier for you, Cleverism have put together a list of 50 Ideas for a Lucrative Side Hustle as well as 47 Easy Ways to Make Money on the Side This Year. Most of these ideas are super easy to implement and don’t require huge startup capital or an extremely specialized skillset.

Make Use of Online Resources

One of the most beneficial things to do at the moment is to make use of Startup and Business Resources available to you online. Especially now when millions have had to rely on virtual platforms as a means of entertainment and to conduct business.

These resources have been designed by industry professionals so that you don’t have to create them yourself. This also makes conducting business so much easier and way more cost effective for you.

This nifty list of useful resources on Cleverism makes sure that you are always covered for your entrepreneur and business needs. The list is constantly being updated with new content, so be sure to keep this handy.

TAKE A DEEP BREATH

This is a period of confusion and uncertainty, but it’s important to remember that everyone is in the same boat and that this is merely a catalyst for change.

So take a deep breath, put on your preparedness and resilience pants, and embrace the winds of change with the positive outlook that you have all the skills and tools needed to bounce back.

Top Skills and Tools for Life after COVID-19

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