There is always contingency planning that is sustainable for the future. Simultaneously, there can be fruitful impacts on an individual’s or a firm’s situation. Similarly, there should be an action plan when CERB or EI runs out. Hence, there is a question mark hanging in front of you. Finally, as an individual, you will have to decide what needs doing to encounter your financial barriers. In addition to this acting fast in terms of the recovery process.

Being part of good luck in times of extreme situations in COVID-19 and its adverse effects. Fortunately for many business owners goodness, the CERB period has been extended from 16 to 24 weeks. This is not only a good recovery opportunity in contingency planning. Hence, but is also an added advantage for the beneficiaries of the scheme. Lastly, the thing is that it has to run out someday. Significantly, as it is applicable for those only who qualify for the EI i.e. employment insurance in times of Pandemic.

LOOKOUT FOR WORK EVEN IN DARK CIRCUMSTANCES:

Even in times of limited prospects during this era of COVID-19. An individual will have to look out for work effectively as part of the contingency planning measures. Only being positive doesn’t help that’s why work is the only solution that upholds. No one can deny the fact that probability might be on a lower side if CERB or EI runs out. However, hope is always attached to it regarding financial aspects. Even if you are striving for work in your own field.

Hence, at least you can pull some strings attached to other fields of work. This might give you lesser money, but still, you will end up working and paying off your bills. Temporary or permanent doesn’t bother much in these times. However, the various fields include nannies, retail workers, musicians & servers. Also includes small business owners and many more in various different lines of work. Improve your interview skills apart from your competence levels for better contingency planning. Even in the dark circumstances of the pandemic, your efforts will never let you down and out.

The best recommendations are signing up with job alerts i.e. on a regular basis. For effective use of the tool, Multiple-career search engines are the best choice. This is in addition to the various job sites that are active online. Another important step is getting hold of recruiters and also referencing free federal and provincial resources. Also make sure, if you are in a position to take interviews than safety is the priority. Strong safety measures must be part of the active considerations. Hence, apart from the safety priority measures, these are other strong measures that are adopted. Safety assurance in these current times of pandemic is the best possible positive approach.

industries changing
industries changing

CHANGING INDUSTRIES IF POSSIBLE:

Changing the industries as part of the contingency measures if CERB or EI runs out is not only good for your long term growth prospects. However, but also for the sake of slight change management that is needed as mandatory. Examples include anything to do with at-home delivery or Safety equipment. In addition to this health care, online media, and marketing technologies in order to make working from home more efficient. Also, the sector of digital banking is a huge boost in demand for digital media and workplace opportunities. This is a more opportunistic approach as businesses like day homes, restaurants, and bars, travels and events are the fields that will be struggling for years to come.

reduction fixed expenses
reduction fixed expenses

A REDUCTION IN FIXED EXPENSES:

Also as part of the contingency, a slight change in lifestyle will help for a much better and securer tomorrow. Reduce your fixed expenses takes more time to cut as compared to variable expenses but will definitely help for a short time interval.

Cross-referencing a major financial decision more than one time will definitely help you make a good analysis of the current circumstances.