Be prepared

These four financial moves can help tide you through challenging times

With the ongoing outbreak of Covid-19, people have been forced to think twice before stepping out of their homes into public spaces. Seeing that the death toll of the coronavirus has officially surpassed that of the previous SARS pandemic in 2003, it should be everyone’s responsibility to make conscious decisions and take the necessary precautions to protect ourselves, our loved ones, our communities and countries as a whole.

That said, it is no surprise that times like these have the potential to hit us really hard financially as well, especially if we are not prepared for it.

The reality is that outbreaks such as Covid-19 may occur from time to time, with little to no warning at all. As a result, the global economy could face significant challenges.

While we are making the conscious decision to take precautions to protect our health right now, how many people have had the foresight to make the same conscious decisions to ensure that their financial health is in order to face economically challenging times?

Every financial decision right now needs to be made carefully. People are facing tough times and will continue to do so over the coming months, and there is not much that they can do about it until the pandemic starts to abate and normalcy is restored. But how can you help keep your situation from getting any worse?

BE FRUGAL

It goes without saying that now is the right time to keep your expenses at the minimum and conserve the bank balance for as long as needed. Make calculations and plan ahead of time. But in order for you to do that, you need to start understanding where you are spending money. What categories are you spending on? Make a full list including your utilities, food, travel, etc. Make it a habit to actually understand where your money is going, then decide what is a need and what is a want – keep the needs as these are required, but do not treat yourself to all your wants.

BUILD A SAFETY NET

If you do not already have a rainy-day safety net, focus on building one. Having three to six months worth of expenses in an easy access account is the most sensible thing to do. Another factor that should be part of anyone’s financial planning is signing up for an income protection plan. Several firms offer policies that ensure the holder’s family has something to fall back upon if something unfortunate happens.

BE FLEXIBLE

Have you kept money aside for retirement and promised not to touch it? Well, this is the time to trade off some long-term goals for the unexpected short-term hiccups. If you are facing a loss of income and have to access that money, do it. Dipping into that saving is better than borrowing, selling something cheap, or allowing credit card debt to accumulate.

UPSKILL YOURSELF

Constant upskilling is the new normal for anyone hoping to stay relevant in an increasingly mechanised world. During crises, industries will realise that new operating modules have emerged – and that they are fully digital. Artificial intelligence (AI) and robotics is already revolutionising many industries. Traditional methodologies could change, and hence, what you do today might not be relevant tomorrow. This is the time to be more diversified and focus on building your digital capabilities to survive. Economic downturns are normal, and expected, as they are part of regular market cycles. Up until this pandemic, we experienced over a decade of market growth, so a slowdown was bound to happen. That does not mean that we just sit around and wait for something bad to happen, but it does mean that we should stay calm when markets are cooling off. And always remind yourself – this is a global storm, but it will eventually pass.

Rehan Khan, Managing consultant for BT and a writer of historical fiction employers will be considering the benefit in improved productivity by allowing their employees to work part of the week from home. However, there is a significant trust component here – will employees actually be working or catching up on the domestics? Certainly, collaboration technologies can play a role in ensuring remote workers are connected and engaged, but there is also a lot that employees can do to drive the change agenda. One is setting clear intentions about when, where and how they will work from home and when, where, and how they will fit their personal lives around their work. Researchers in the UK worked with a group to build better exercise habits over the course of two weeks. The subjects were divided into three groups. The first group was the “control” group. They were asked to track how often they exercised. The second group was the “motivation” group. They were asked to track their workouts but also to read some material on the benefits of exercise. The researchers explained to the motivation group how exercise could reduce the risk of coronary heart disease and improve heart health. Finally, the third group received the same presentation as the second group, which ensured they had equal levels of motivation. However, they were also asked to formulate a plan for when and where they would exercise over the following week. Specifically, each member of the third group completed the following sentence: “During the next week, I will partake in at least 20 minutes of vigorous exercise on the [following day], at the [following time] and in the [following place].”

In the first and second groups, 35 to 38 per cent of people exercised at least once per week. But in the third group, who made the clear intention, 91 per cent exercised at least once a week. The sentence they filled out is what researchers refer to as an implementation intention, which is a plan you make beforehand about when and where to act.

When you set an implementation intention it makes a huge difference to ensuring you actually carry out what you intended. This is really important for wellbeing as the boundary between work and home life blurs. For example, if you want to stop working on your day job at 6pm, then make an implementation intention which goes something like this: “Switch my work mobile to flight mode at 6pm.” Or if you find you aren’t getting to sleep at the right time, make an implementation intention like: “Set an alarm for 9.30pm, turn off all electronic devices and start winding down.” Remember sleep boosts your immunity, which is critical in a pandemic.

Crisies can be used by employers to bring about organisational change, but also by employees to effect personal change. We’re all in a crisis, so let’s not waste the opportunity to change for the better.

without looking your best, so make sure that you give your LinkedIn picture the same importance. It needs to be professional, but simultaneously also convey your personality and ‘essence’.

Invest in professional photography, get three options and choose the ‘best’ picture via public consensus and feedback.

Bonus tip: Did you know that you can customise your LinkedIn cover photo? This is the header that goes behind our profile picture and is prime real estate. Update your cover photo with an impactful image that supports your ambitions and expertise.

2. OPTIMISE SEO WITH KEYWORDS

Before you get started on the actual content for your profile, you have to ensure that ‘keywords’ are a core focus in the way you craft your narrative. However, it’s important to note that LinkedIn SEO differs from regular SEO. People mostly use keywords matching a job title, as opposed to long descriptions – for example someone may say “multimedia specialist for designing advertising brochures” in a Google search while on LinkedIn it may be “graphic designer”. It’s important to keep your profile jam-packed with the most relevant words pertinent to your industry and job description, to help your profile ranking.

3. YOUR HEADLINE IS YOUR PERSONAL TAGLINE

Because your headline appears directly below your name, people will associate that description with you. LinkedIn’s default setting is to use your current job title as your headline, but this is a big no-no. You’re much more than that, so capture people’s attention with the correct wording.

Your headline will also automatically appear whenever you comment or share something, so think of the headline as your personal tagline.

4. MULTIMEDIA IS YOUR FRIEND

Static text can be very boring and monotonous, which is why the use of multimedia is so impactful and perfect for immersive storytelling. Take for example the ‘Featured’ section, which allows for the addition of images, videos and documents, thereby enabling people to get a glimpse into your profession or achievements. This capability also extends to other parts of your profile, including the ‘Experience’ section, with LinkedIn now offering a multitude of options that allow for greater engagement.

5. IT’S ALL ABOUT YOU

The ‘About’ section is your shop window. It’s all about what you’re bringing to the table. This is your chance to sell yourself and tell your personal success story – if this is interesting, people will read further.

are endorsed first. It’s better to list fewer skills and get maximum endorsements than have a laundry list of skills with low endorsements.

7. GROW YOUR NETWORK AND KEEP ADDING CONTACTS

This is not Facebook. The point is to grow your professional network and add connections that will expand your reach, so don’t limit yourself to only connecting with friends and people you know. You can actively pursue this goal by using the search feature to find people in your target audience, and then work towards adding them to your professional connections.