How To Thrive During A Recovery By Investing In Yourself

With a 6 month stock market rally and many economies around the world starting to turn the corner, many forward-thinking organisations are gearing themselves up to take advantage of the recovery - even if it turns out to be a somewhat shaky path. 

 

If you study the history of previous downturns and recoveries, you'll see that it's these organisations who thrive during an upturn and not the ones who are insistently focused on cost-cutting into a recovery.  The ones that thrive are the ones that invest in their business, their people and their products / services so as to grow the top line instead of trying to further squeeze the bottom line. 

 

But in the modern work-place we are all now self-employed freelancers (even if you have a 'permanent' contract of employment) and consequently must think like a business looking to rebound.  

So whilst others will be trying to "sit tight" - as a forward thinking CEO of You Inc, your focus in the coming weeks and months should be to invest in YOU because those that invest early get the early advantage through a recovery. Plus the fact that you're the safest asset class in your investment portfolio with the very best ROI over the long term. 

 

'You' also come with a level of risk that can be managed much more easily. So regardless of whether there is a fast rebound or a "double-dip" recession and recovery, if you invest in yourself now, you have the best chance of succeeding. 

 

Here are some ways that smart professionals should be investing in themselves: 

 

1. Invest in your development 

 

In today's world if you stop learning and growing you get left behind very quickly. But whereas the time and cost of self-development may have been a constraint in the past, that no longer applies. You can do courses at weekends from the comfort of your own home because audio, video and technology have revolutionised how we learn. 

 

Plus the web has made so much learning free (or nearly free). So whatever area you need to develop in, I bet there are articles, blogs, e-books, teleclasses, virtual conferences and webinars to meet your needs and budget. 

 

So you've no excuse not to invest in yourself and maximize the chances of you thriving in the coming months. 

 

2. Invest in your network 

 

Whilst it's very easy to focus on the 'day job' or your own problems, be sure to invest time consistently in your network: it will pay benefits over time. You'll enjoy deeper professional relationships, attract more opportunities, more resources and more help. 

 

Just remember that the currency of networking is generosity; the more you help your network without an agenda, the stronger the network becomes. So help them, listen to them, spend time with them, connect with them, make them look good, refer business and opportunities to them. And all without having any agenda or wanting anything back. 

 

It's a marathon, not a sprint - so keep investing slowly but surely. 

 

3. Invest in a coach or mentor  

 

Over the last 5 years I've invested considerable time and money in order to work with two of the very best business coaches/mentors in my field. 

 

Over the last 15 years I've had several peers and senior leaders acting as mentors for me. Whilst they required no financial investment they did require an investment of time and effort. 

 

Looking back, it's the best investment I've ever made. They've been a catalyst in changing so many things professionally and personally that I've got multiple rates of return on my investment. And like any good investment, I'm still enjoying the benefits months and years later. 

 

How about you? Who is challenging you and stretching you to achieve different results? Who is providing expert guidance, advice and accountability to keep you focused? 

 

4. Invest in a strong board of advisors 

 

Now more than ever before, you are not an employee of XYZ Company, but the CEO of You Inc.  

 

And like any good CEO, you need a strong board to support you. So invest now to ensure you have the right peer group and informal board of advisors for you to lean on and seek advice and counsel for career and work-related matters in what will be a very different working environment. Your inner circle of support can include ex-colleagues, peers, professional contacts, friends and family members. 

 

5. Invest in your health and well being

 

If I wote this 3-4 years ago, I would never have thought about emphasising the importance of your health and well being in a career related article. But from personal experience, I know that eating healthily, excercising regularly, sleeping well and having a strategy to manage my stress levels has a huge impact on how I feel and in turn how I perform in my professional life. 

 

That's because our sense of well being has a direct impact on our mood, confidence and drive to achieve the results we want in the work place.  

 

So let me ask you, are your current health and fitness habits aiding your career goals or are they a hindrence? What is the one thing you can start changing right now so as to help you thrive in the coming months?

 

I'm no economist and not much of a financial advisor either, so I'm unable to predict how quickly the economy will recover in the coming months. Nor can I advise on which asset class will perform best in the coming months. But one thing I do know is that when you invest in yourself, you have a far greater chance of predicting the future than if you don't. 

 

So start investing in you NOW before the recovery is in full swing and you'll be ahead of the pack. And if there is a further downturn and indeed a "W-Shaped" decline and recovery, you'll be in a far stronger place to ride the next economic storm. 

By Sital Ruparelia

Comments

[DebExo]

Great actionable suggestions!

[Morren]

Great tips..Really simple and workable. Many Thanks

[Tim]

Hi Sital:

Great post! My dad always taught me about investing in myself. Yeah, it might be good for me to cut some expenses at this time and my gym membership could be one of them. However, I look at that membership as an investment in myself...so its a no-brainer for me to keep it. Thanks for exploring this topic.