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How do you cope when disaster strikes at work?
• A natural disaster might wipe out your entire company.
• You might get laid off from your job.
• Your best client/customer suddenly takes their business elsewhere.
All these can be devastating, both for your financial health and emotional stability. But as the legendary Vince Lombardi once said:
“Our greatest glory is not in never falling, but in rising every time we may fall.”
In that light, here are the three smartest ways to cope with disaster at work:
#1: Prepare for the Worst.
The wise old saying goes: “An ounce of prevention is worth a pound of cure.” Likewise, every $1 you spend preparing your career/business for the worst-case scenario might save you $10 or more down the line.
Here are a few smart examples of preparing for the worst:
1.- Getting enough insurance. “Enough” may mean different things for different people, but the general rule is this: The money you get in the event of disaster should be able to cover your yearly expenses when invested in the right places.
2. – Filling an emergency fund. Set aside anywhere between 3-12 months’ worth of expenses in an easily-accessible bank account. That way, when you find yourself without work, you have 3-12 months to get back on track.
3. – Have passive investments. The goal is to have enough passive investments to maintain your lifestyle indefinitely. While you’re not there yet, keep investing. It will soften the blow of any disaster.
Which of the above DON’T you have yet? Start ticking off the boxes as early as you can.
#2: Be Antifragile.
When the Great Recession of 2008 struck, countries like India and the Philippines interestingly avoided the brunt of it. But why?
It was because these countries had some antifragility baked into them. India had an economy that was ripe for booming and wasn’t as “locked in” with the global economy, and the Philippines was saved by the remittances of millions of Filipinos working abroad.
Likewise, it’s best to build your career/business up to be antifragile, so that when things go badly, you’re still in a position to bounce back, or even profit from the disaster.
Some ways to be antifragile:
• Get enough insurance
• Have a fallback job or freelance skill in case you get laid off
• Keep marketing, even when your pipeline is full. Don’t get complacent
• Don’t dwell on the emotion. Reassure who you need to, take a deep breath, and refocus on getting back on track
Right now, get a sheet of paper and write down the worst things that could happen to your business/career. Then find ways to bake some antifragility into it.
And lastly:
#3: Keep the Big Picture in Mind
Business coach Tony Robbins once said: “How can angels fly? Because they take things … lightly.” Likewise, it helps when you understand that a disastrous loss to your business/career is not the end of the world.
The Big Picture is that God woke you up this morning so that you can have another opportunity to exercise your faith! So, expect to win! Learn from you past, prepare for your future by what you do in this present moment! Your mind will believe anything you feed it; so feed it courage, prosperity, positivity, love, success, resilience, and excellence. With that mindset you will be able to overcome any and all adversity.
When you see things that way, then any loss is easier to cope with. Just know that getting back on your feet isn’t a matter of “if,” but a matter of “when…” and at the same time, as long as you’re on the straight and narrow, there’s a reward waiting at the end of it all.
Like this article? Feel free to Share it with your colleagues. To read more articles like this, or to connect with me for coaching and speaking, let’s chat: KevinJDonaldson.com
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Photo: Getty Images