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Don't Let Recession Fears Ruin Your Business
With all of the talk of recession, it is only natural that it will focus minds on the threat that a downturn might have on your business, but beware of the effect that fear can have on performance. At times like this, it is easy to get stuck in a mindset where all you are concerned with is the the consequences of recession and the survival of your business. If that happens, you may find that you create a climate where the focus narrows and people are: * Fearful for their jobs
* Frightened to take risks
* Less open to new ideas and to change
* Less able to be creative, and
* Unable to have fun at work. This ‘self-fulfilling prophecy’ may have negative consequences on performance and create a negative cycle that it is hard to escape from. Here are my suggestions for managing successfully during this time: * Clearly communicate your vision and strategy, and confidence that your strategy will lead to long-term success
* Avoid projecting or pushing your fears ‘down the line’
* Focus on the controllables, and don’t let people get carried away with events that are out of their control
* Set out to ‘buck the trend’ and take sensible risks rather than trying to eliminate all risk from your business
* Try to avoid shelving important change – after all you want to emerge from the recession in the best possible shape – in line with your strategic focus (and communicate how it all fits in)
* Continue to recognize people’s effort and contribution (“thank you” never goes amiss), and make sure they feel valued
* Make sure that you find the time and space to allow people to have fun and enjoy their work (make sure you still celebrate success) If, ultimately, your employees believe that you can steer them safely through difficult times, and you don’t forget that work needs to be enjoyable, then you should be OK (even if you are privately petrified). |
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This intel was contributed by Rob Robson
Rob Robson
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May, 2012
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