On Friday the government reported that employers shed 159,000 jobs in September. This latest news confirms that the United States remains in an economic downturn.
In times like these employees need to think more like business people. Thinking like business people means, staying informed on how the economy impacts your company, updating and monitoring your personal budget, and implementing a plan for alternative income sources.
How can you find out how the economy impacts your place of employment? Try speaking with the owner and managers at your workplace. Smart business owners and managers have contingency plans in place in times of economic slow-downs. Speaking with them may tip you off on pending layoffs.
Finances are the heart of every business. You need to balance your own personal finances and brainstorm about ways to keep out of financial trouble. Do you have enough savings to pay your bills in the event you’re laid off? If not, start cutting back on expenses and start saving. If there’s no where to cut, what alternative income sources are available for you to earn extra income? Are there part-time, night-time or weekend jobs available? What about floating your resume around to see how marketable you are?
In the short-run times aren’t expected to get any easier for most of us. Smart businesses already have strategies in place. As an employee you can’t afford to just sit back and do nothing. Update your resume today, search job board websites for new opportunities, network, create and/or update your personal budget, and look for additional income sources. By treating the financial side of your life like a business you’ll be in a better position to take control of your future.
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