As we seem to be heading into (if we aren’t already in) a recession, I thought an appropriate topic would be business and financial literacy, as it is one of the key skills that will help in the survival (and even thriving) through a recession.

  1. Keep up with the news and world economics – I know my best friends will laugh when they read this because I used to be the worst culprit due to time limitations; however, I was wrong. It is critical to make the time to understand what is going on, and it will be valuable in understanding the big picture and how to steer your business or personal finances through a recession.
  2. Read voraciously (books, internet etc) – related to #1, it is important to be well-rounded and informed. You never know when seemingly unimportant information will save you from a significant mistake.
  3. Be able to read a financial statement – this might sound boring but it can be one of the most important skills to obtain. It’s amazing the opportunities you will see in your business or for your personal financial situation as you learn how to read a financial statement.
  4. Be open to mentors/ advisors – no one knows everything. Learn from the best and employ the best to advise you. It’s amazing how NOT being a penny pincher by hiring free or so-so help vs. great help can come back to you ten or hundred-fold.
  5. Develop a plan – this sounds incredibly simplistic; however, it can deliver enormous results. Learn how to develop plans, develop metrics and then execute against them.