Lockdown and Your Money

  • 17 Jul 2020
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    “Its easier said than done”, managing money was already quite a difficult task but after the nation wide lockdown it seems more gigantic. As this pandemic is considered as second big economic hit after the great economic depression. As for developing country like India with its large number of population, condition is surely critical as our GDP estimation already slipped to 0.8% ( according to fitch rating ) The worst affected class is Medium, Small, Micro Enterprises (MSME). According to one article from “THE HINDU” about 12.2 crores Indians have lost their jobs, most of them belonged to small or medium firms.

     

    But every problem has solution, what we need is strategic outlook. There are still some ways which will ensure the cash inflow in your pocket. Looking at pace at which  globe shifting towards the digital phase demands a increased online presence. This leads opening to many digital courses which fills your pocket as well as your passion.

     

    Read:-COVID 19 Outbreak Might Lead To Recession In India

    • Freshers/job seekers

     

    Freshers/job seekers

     

    There are so many online courses provided by many websites at reasonable prices or for free. You can check classes for digital marketing, content writing, copywriting, graphic designing, social media influencer, blogger, translator and many more.(check digital garage by Google) almost 126 classes are free in some courses certificates are also included. So this give chances for job seekers to pick any area of interest be it art, writing or marketing. Many websites are also providing opportunities to showcase your skills.(Bulb and key,reedsey)

     

    • Small or medium firms

     

    Small or medium firms

     

    For small or medium firm owners they need to increase their online presence to reach a larger number of customers. They can do this by promoting their firm on social media, building attractive website, increasing their UI compatibility, launching some kind of event video. They can provide temporary leave rather than firing their employees which helps to build good reputation and lessen the mental stress for employee which is really important! They should be updated with government welfare scheme (package launched for MSME) andhow to avail it. Look for innovative and creative ways to achieve goals.

     

    Read:-Top 6 Government Loan Schemes For Small Businesses In India

    • Budding entrepreneurs

     

    entreprebeur

     

    For budding entrepreneurs its time to match their thinking with market demands. Business related to pharmaceutical, ( as we imported raw materials from China for pharmaceuticals) an agro based industry (can also  help unskilled labour) mask manufacturing or health sectors will have ample of opportunities. The most important thing is to keep the flow of money in the market and create employment opportunities.

     

    Well its a tough road but smart work with determination will sure pave the way to success. We have to keep in mind we can overcome this economic crises only by helping and supporting each other. So lets keep exploring… ways to manage your money.

     

    Read:-How To Grow Your Small Business In Spite Of Economic Slowdown

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