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Financial Navigation through Covid

Covid is a global wellness challenge. Hundreds of millions of people across the continents of the world are impacted. Health care measures are top priority. It has created a stand-offish attitude among people who are required to be restricted in carrying business as usual. With increasing joblessness, feelings of isolation, loss of loved ones in many cases, huge blow on income, people are becoming restless and stressed over the current and future scenarios. In the teeth of a downturn, petty financial hassles are turning into major life changing crisis and tough decisions have to be made. This is neither exciting nor distinctive.


Every business is unique in itself and is also creative. Creativity is always an uncertain process. It’s like painting where you start with one colour and then add another colour which should work with the first colour. Then the third colour should work with the first and second colour and so on and so forth. It’s a process that requires commitment. You are invested. There is no reverse gear on this thing. In order to create a single masterpiece breakthrough you have to build connectivity. You simply cannot brush off the power of connection.


What matters most right now is how to survive. Does your strategy works or not? Are the colours just right? And whether you are a surrealist or a CEO, there are always bills to pay and money always arrives later than you ever dreamed possible. At such times businesses are not just looking for tips on stocks and shares but require deeper understanding and knowledge to guide them through this vicious uncertainty. The online world is an omphalos of opportunities, whether you want to expand your knowledge base or do business or provide services, all you need to do is open your laptop, log into the concerned sphere of activity and create your own unique space and use it for your specific purpose.  Real craft lies in adding value. Relevance, context and connection are key elements that cannot be overlooked.  


Sometimes, it will feel overwhelming to be faced with everything you don’t know. However, financial advisors can help bring clarity, and clarity enhances performance in business.  Financial health is the key element in surviving. Financial quarantine cannot be held for long. Organize your life for the better. Allocate resources in ways that meets your current needs and long term sustainability. Risk tolerance and risk capacity, basically risk management is crucial at this time and needs deeper reflection into the books of accounts. Savings, budgeting, insurance, and tax strategies also need to be well planned. Create a comprehensive personal financial plan that best suits you and your organization. Choosing people who fit your vision, is vital for your growth. Running your business in autopilot mode in the present scenario can prove to be hazardous. However, expert advice will help you swim smoothly in turbulent waters and will make it easy for you to handle such situations in future. Responses to a crisis are immediate in nature, but recovery takes time. Develop momentum by balancing act of juggling various priorities.


More so, use of technology cannot be ignored as technology has changed the operating systems in all fields of work significantly and today’s generation is addicted to it and as such it forms the basis of future work. Virtual Conferencing breaks the barrier of distance, time and travel resulting in great reduction in expenses as well as supporting social distancing during the pandemic. You get the same experience as that of onsite attendees. You can participate in discussion forums, vote digitally, use the conference resource centre, you can search for and chat with other members and several other features are there for your advantage. Example: Zoom


Clear communication fosters both business and personal growth as it helps to address the needs, provide direction, evaluate progress or performance, organise and prioritise tasks, helps in working more collaboratively, you can catch up on a personal level, ensures virtually people feel more benevolent on a human level and also promotes a culture of accountability resulting in healthy business associations.  


“People’s skill” means having a highly developed and authentic interest in other people and not a fleeting interest of benefiting yourself from the equation. If you can provide low-cost support and care in addressing the pain point of your client in tough times and provide relief, it will lead to mutual success. Also, financial advisors can educate you to develop the right mindset and tools to handle your business best and secure your business largely. He/she will keep you level-headed and make sure you think deeper into your actions and help you replace over-thinking with action. To be successful you have to swallow your fear and set yourself to create something special and relevant enough to make a difference in people’s life.


Just like another muscle of the body, the brain requires exercise to keep it strong and healthy. The more informed you will be, the better equipped you are to tackle any challenge that comes your way. Patience and courage will turn out to be your best friends.  


One day when you will look back at year 2020, it will either be the year that broke you, or the year that time stopped or the year that got you ahead and this depends on the actions you take now. Remember, not to use authenticity as a reason to stay stuck in these turbulent times, use it to propel you to grow, to step up into your strength and operate much more effectively and in a higher version of your authentic self. 


pic courtesy: sharlinlaw.com