Eco­nomic chal­lenges: Be calm, take charge

Chronicle (Zimbabwe) - - National News - Mor­ris Mpala MoB Cap­i­tal Ltd

AS they say when faced with a chal­lenge stop dig­ging to avoid ag­gra­vat­ing the sit­u­a­tion. And this isn’t the time to burn down the whole house be­cause a rat en­tered one of the be­d­rooms. The mar­ket is a blood bath, par­al­lel mar­kets very high, run-away in­fla­tion with goods/ ser­vices prices now threat­en­ing to be un­af­ford­able, fuel is com­ing in drips and drabs, work­ing hours lost and con­fi­dence go­ing south­wards. It is time not to lose fo­cus so that things do not de­gen­er­ate and plunge the eco­nomic re­cov­ery into a tail spin. It’s easy to get into an eco­nomic jun­gle than an eco­nomic build up as it is easy to de­stroy than to build. Your re­spon­si­bil­ity, ac­knowl­edge

chal­lenge The buck starts and ends with you in terms of do­ing what it takes to avert a catas­tro­phe. You might not be the source of the chal­lenges but it’s your call to rem­edy it ac­cord­ingly. First and fore­most let’s ac­knowl­edge we have a chal­lenge on our hands. It is never the time for blame games but hon­est, log­i­cal, con­struc­tive level head­ed­ness cou­pled with emo­tional in­tel­li­gence.

Hoard not, cash isn’t an as­set Stop hoard­ing prod­ucts, it wors­ens the sit­u­a­tion and cre­ates ar­ti­fi­cial short­ages on the mar­ket. Hoard­ing could be strate­gic but not sus­tain­able in the end. Hold­ing cash might not be ideal but con­ver­sion into as­sets is rec­om­mended un­less cash is gen­er­at­ing rev­enues for you. (Not ad­vo­cat­ing for par­al­lel mar­ket shenani­gans). Hold sta­ble cur­rency if you are sav­ing and get in­ter­est while at it.

Avoid ex­change losses Use cur­rency of which you are trans­act­ing in. If you buy in USD more or less sell in USD in that or­der to min­imise ex­change losses. Have a great sup­port sys­tem to lean on when hard times be­fall. Be sup­port­ive too dur­ing eco­nomic down turn.

Set­tle your debts, earn forex No one wants to be owed so let’s set­tle our debts es­pe­cially those with a for­eign cur­rency com­po­nent ie hard cur­rency not in “RTGS” bal­ances due to loss of par­ity in the two. They say in these times rather owe than be owed but do unto oth­ers as you would want them to do unto you. Karma is real. Search for op­por­tu­ni­ties to earn forex. In­crease your forex earn­ings it helps you and oth­ers that need it. We share re­sources re­mem­ber. Ag­gres­sively ex­port more.

No panic buy­ing/sell­ing Don’t just buy for the sake of it es­pe­cially un­nec­es­sary items. Be calm and think about the grand scheme of things. Do not sell es­pe­cially as­sets, hold onto them. Sell only when you need to. Where pos­si­ble down grade your ve­hi­cle, chil­dren’s school, house (but do it ef­fec­tively and ef­fi­ciently) or sur­vive on a bare min­i­mum. Do not up­grade due to your tem­po­rary new found eco­nomic fame. Stay grounded and stick to ba­sics. Your de­ci­sion mak­ing should be a daily oc­cur­rence tak­ing into ac­count the in­for­ma­tion at hand. Tune in to your gut and in­tel­li­gence all the time.

Lead­er­ship, ex­tra in­come This is time to show­case lead­er­ship across all ech­e­lons of power and in­flu­ence. Sum­mon

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.