The current economic crisis does not literally come knocking at people’s doors, but it is real. Everyone can feel the upheaval caused by the financial meltdown. These really are challenging times wherein everyone has to tighten their belts while struggling to breathe. The economic meltdown is a distressing situation, but there’s something gorier about it. Businesses are usually impacted by the fiscal crisis, but they sometimes try to take advantage of the situation. That is, they’re using the economic problem as an excuse for the faltering or stagnation of their companies. There are setbacks when monetary reserves are restrained, but it doesn’t mean that the situation is hopeless. Something can be done. The question is whether you’re going to roll up your sleeves and work it out or bury your head on the ground to evade the problem just like the proverbial ostrich. Are you going to simply give up or be complacent?
How does your business respond to the current financial meltdown? Being in leadership, what is your attitude towards it? Here are some ways to find out:
How do you talk to your staff about the economic problem? Do you keep repeating that yes, “there’s a global financial crisis and we have to hang in there, but don’t worry, this will pass. Everything is going to be alright”. Do you tell them that your business will improve as soon as the economy improves? In this case, you are abusing the economic problem by using it as an excuse. There are companies that do excellently despite the recession.
The time of a recession is an uncertain time. Are you becoming apprehensive and scared of implementing new ideas because of the shaky situation? You actually don’t have to be. It’s blatantly wrong to stagnate and get stalled during a fiscal crisis. Hardly anything can beat a solid idea, even an economic decline. Keep moving forward despite the odds, even if you have to slow down a bit.
Are you thinking of giving up, or maybe retire yourself or your business or start something new or smaller? Give it a good thought about what the real problem is. Consider, too, that your business can start picking up again if you implement certain corrective solutions or strategies.