The document discusses strategies for surviving economic recessions, particularly in Nigeria, highlighting the psychological impacts of downturns and emphasizing the importance of resilience and strategic adaptation. It suggests practical steps for individuals and families to manage their resources, reevaluate beliefs, and maintain a positive outlook amidst adversity. Additionally, it encourages continuous learning and investment in personal development to navigate challenging times more effectively.

1. Recession, How to Survive Times Like This.
30th October, 2016
Prepared by
Sam. S. O. Afemikhe
Managing Director
S S Afemikhe Consulting

2. When the going gets tough the tough
getting going
 Recession? What recession?
 Nigeria has been in
retrogression from 1960 to
date
 Recently getting worse
 Challenges of “Change”
 Move ahead inspite of Nigeria
• Psychological balance
• Yes - it is Possible!
• How?
• Get Tough when the going gets
tough02/11/2016 2

3. When the going gets tough the tough
getting going
Impact of Economic down turns
 Job loss affect stability of families and individuals
 Family life suffers as stress in less income, finding work
etc damage family relationships
 Lifestyle changes – reduced entertainment, holiday, cut
back on extras
 Investments cut back as the budget suffers
 Entrepreneurs lack funds to start, operate or expand
business
 Real Estate values, stock values suffer as investment
value fall
 Education investment falls and right education becomes
not affordable
 Credit becomes hard and Debts become a problematic
02/11/2016 3

4. When the going gets tough the tough
getting going
 Survival in Nigeria requires a ‘strategic fit’
between body mind & Spirit
 Secret of happiness – visit the stoics.
 Flag Ship >>>Ryan Holiday
 The challenge carries its own solution
• The impediment to action advances action
• What stands in the way becomes the way (The obstacle is the way
– Marcus Aurelius in the Line of war
 Events do not upset us, Beliefs do
• Questions
- If your best friend dumped you…….
- If you were fired at your work……...
02/11/2016 4

5. When the going gets tough the tough
getting going
 There are no good or bad events, there is only
perceptions
• Sweet are the uses of “Adversity”William Shakespare
As You Like it
 “This happened to me”: is not the same as “This
happened to me and it is bad”.
 Cognitive Behavioral Therapy for dealing with
irrational belief.
02/11/2016 5
Revise your beliefs and change your
feeling
- Happy New Year!

6. When the going gets tough the tough getting going
 Control what you can
• Serenity prayer
God grant me the serenity to
accept things I cannot change,
courage to change things I can
and wisdom to know the
difference: Reinhold Nieburh
(1934)
• Worrying achieves nothing
• Matthew 6:34 – Don’t worry about
tomorrow; tomorrow will take
care of itself
• Only the end of the world is the
end of the world
 Accept everything but do not be
passive
• Denial is irrational
• Next time things do not go well
for you, don’t deny reality, Accept02/11/2016
6

7. When the going gets tough the tough
getting going
 Choose whose child you will be
• Can we change our parents?
• Find a mentor; think of someone you admire, what would
– do has a powerful positive effect on behavior.
 Turn your barriers into blessings; your pressure into power
• Whether inside you (Moses, Jermiah, Nehemiah etc)
• Or Environmental (Zacheaus, Ben Carlson etc)
• Heard the story of the ineffective Donkey?
 Read always – Practice new skills; Keep your brain young
• We can all be better: As long as you live, keep learning
how to live.
 Perfect your morning and evening rituals
• Morning get you ready for the day; Evening to reflect.
02/11/2016 7

8. When the going gets tough the tough
getting going
 Move from Good to Best with Disciplined thought
02/11/2016 8
Retain faith that
you will prevail in
the end, regardless
of the difficulties.
AND at
the
same
time
Confront the most
brutal facts of your
current reality,
whatever they
might be.
The Stockdale
Paradox
WHAT YOU
ARE DEEPLY
PASSIONATE
ABOUT
WHAT
DRIVES
YOUR
ECONOMIC
ENGINE
WHAT YOU
CAN BE THE
BEST IN
THE WORLD
AT
THREE CIRCLES OF THE HEDGEHOG
CONCEPT

9. Don’t back up the wrong
Tree
 Carry out a SWOT
• Strengths
• Weaknesses
• Opportunities
• Threats
 What is Achievement
• Talent + Preparation?
• 10,000 hours is required for Mastery
• Preparation + Opportunity + (Practical – (Native
Intelligence)
When a prepared person is given an opportunity and he
seizes it wit both hands, the result is SUCCESS.
02/11/2016
9

10. Step Up Get Better
 Practice Value for Money
• Economy, Efficiency and
Effectiveness
• Built on 80:20 rule
• What get measured get
done – keep records
• Cost Per Unit is Per is Potent
• Eliminate waste
 Think it through
• Total cost of ownership
 Explore new markets
• Dollar income is02/11/2016 10
Price
Invoicing
Ordering
Excess Inventory
Poor
Late Deliveries Product Quality
Over Engineering Standard Processes
Safety
Under Engineering Standard Products
Issues
Start Up Delays Rework Down Time
Duplicated Efforts LostRevenue
Back-Up Systems
70%Costs Harderto Find
Environmental
Harderto Attack Issues
Economy
EfficiencyEffectiveness

11. Step Up Get Better
Get Smarter
 Horn your relationships
 Liquidity - Cash is King
 Reduce fixed cost and increase
flexibility
 Restructure boldly
 Support critical long term partners
 Be bold exploit opportunities
 Business Partners support each other
 Exploit potentials & benefit of family
02/11/2016 11

12. Step Up Get Better
02/11/2016 12
I
 Crises
 Pressing problems
 Deadline-driven projects,
meetings, preparations
II
 Preparation
 Prevention
 Values clarification
 Planning
 Relationship building
 True re-creation
 Empowerment
III
 Interruptions, some
phone calls
 Some mail, some reports
 Some meetings
 Many proximate,
pressing matters
 Many popular activities
IV
 Trivia, busywork
 Junk mail
 Some phone calls
 Time wasters
 “Escape: activities
Urgent Not Urgent
NotImportantImportantBe better at Time Management

13. Step Up Get Better
 Families should stay stronger together
 Celebrate successes
 Learn to prioritise expenses – make budget cuts
 Determine necessities – Understand the difference
between Needs and Wants
 Talk to family particularly children about life style
changes
 If homes have been pledged to support loans, avoid
foreclosure
 Go ahead the grain, search out abundant
opportunities – SWOT it out…Start a new business,
Expand existing ones
 Delay Long term investment that could impact
cashflow
02/11/2016 13

14. Healthy Body
 Eat well and right
• Poor nutrition (is) more hazardous than unsafe sex,
alcoholism, and drug abuse;
• We must rethink how we look at nutrition and food
system. Nutrition fuels grey matter infrastructure –
the minds of the next generation that will drive
progress and innovation. (Vangurard Newspaper 29
October, 2016)
 Move more (Exercise)
 Stress Less (BE A STOIC); and
 Have a good heart….. Love more
 Have faith in God and confidence in yourself
02/11/2016 14

15. Above ALL
Pray for Nigeria
… with a very good
reason
02/11/2016 15

16. Who Am I
 I am Sam S. O. Afemikhe, A Chartered Accountant
 Managing Director, S.S Afemikhe Consulting Limited
 Transparency, Business and Value for Money Consultant
and Strategist.
 Written four other books:
• Pursuit of Value for Money;
• Budget Implementation and Value for Money: The Due Process
Experience;
• Public Procurement Policies and Practices.
• Hope Rekindled: A Comprehensive Analysis of Nigeroa
Nationhood Challenges and How to Overcome them
02/11/2016 16

17. Thank you
LinkedIn: Sam S. O. Afemikhe
Please follow us on twitter
@samafemikhe
@SSAconsultingNG
www.ssacltd.com
www.samafemikhe.com