productize a service<\/a> around that. So let’s say for example, they say that you’re really good at negotiating. Well, something that you could do is you could do a negotiation service where they don’t pay you a dime unless you actually save them money.<\/p>\n\n\n\nAnd then from there, you could help small businesses in providing savings on their annual contracts for different vendors. And then take an X percent cut of all the savings that you get for them. The reason why this is a great win-win in the context of a potential recession or just in general, this sort of doom and gloom scene we see right now, is that companies are also gonna be looking for cutting back expenses. And so this is a win-win situation.<\/p>\n\n\n\n
This is so, so important, and it might start out with just you giving up more of your time, but in another world you’d also wanna look for other ways that you can generate cash flow. Cash flow is king in terms of when you’re in tough economic times, just to make sure that there’s stability in terms of you being able to meet your baseline expenses as well as the needs of others that might be depending on you.<\/p>\n\n\n\n
Tip #5: Build up your savings<\/h2>\n\n\n\n
And that leads me to the fifth and final tip that I have for you in surviving the cut, which is build up your savings to be at least three months longer than they currently are for you right now. There’s an enormous number of people that live paycheck to paycheck, and it’s really not sustainable. The reason why is because in those situations when something bad happens, like them getting laid off at their company, it means that what’s gonna happen is they’re gonna have to go into debt with a credit card company in order to typically make ends meet.<\/p>\n\n\n\n
And the reason why that’s a problem is because credit card companies will typically charge anywhere from 18 to 27% interest rates if you miss payment. And so that means that every single month your debt is just growing like crazy. So what I reckon you do is if you haven’t already saving more, think about all the things that you can potentially cut out that aren’t true necessities to you surviving, or you and the ones that you love surviving. And then from there, just start socking away more savings than you had in the past so that you can be both more psychologically secure as well as financially secure.<\/p>\n\n\n\n
So a good starter tip for you here would be, you know, maybe just expand your savings by 10% the next month, and then see if you can go up to 20% from where you’re currently at. Whatever it is, just make sure that you are building towards having an additional three months on top of whatever your existing emergency savings fund was. So in the case where you previously had nothing, you’ll have at least a quarter to figure things out, three months, and then in the case where you had a three month emergency fund, you’ll now have a half year to figure things out and so on.<\/p>\n\n\n\n
This is really great for you to just have peace of mind in the case where things really start hitting the ceiling and you have to figure things out because you’re in a bind. I can’t tell you the number of times in which I’ve seen people get impacted and they just go through a spiral. Because what happens is they didn’t have a backup plan and they didn’t think that they were on the chopping block.<\/p>\n\n\n\n
And so this is something that’s so, so important in the greater context of things. So this is something that you can definitely learn a lot more on YouTube. There’s an entire niche around, you know, personal finance and whatnot. There’s so many YouTubers out there. I definitely recommend folks like Graham Stephan and whatnot in terms of learning just the fundamentals in the case where you haven’t already kind of picked them up in the past.<\/p>\n\n\n\n
Those are five simple things that you can do to make sure that you’re surviving the cut, as well as securing your overall position in the case where the layoffs get a lot worse and the overall recession goes across the world. It really goes back to the fundamentals of business, which is leading with value, making sure you’re giving a lot of value to other people, and then from there, also know your worth, and also recognizing what the market situation is.<\/p>\n\n\n\n
By making sure that you’re secure in terms of your personal situation as well as in your professional situation, making sure that you’re adding a ton of additional value than what they are paying you to do, you will ultimately be able to find yourself on your feet, regardless of whether it’s at your current company or another one.<\/p>\n\n\n\n
If you liked this article, be sure to\u00a0check out my YouTube channel<\/a>\u00a0to get new videos every single week. I\u2019ll help take you from zero to self-starter as you grow your business, get more customers, and hone your business acumen. Also, feel free to share this with anybody that you think might benefit from learning how to survive layoffs.<\/p>\n\n\n\n