Fear is often categorized as the most powerful emotion. Like any emotion, it can cause us to behave in unpredictable ways, both good and bad. When it comes to fear, negative thoughts, feelings, and actions are typically the outcome. Unfortunately, this negativity can end up influencing important business decisions. For many business leaders, the thought of an economic depression in the 2030s evokes fear. That is why ITR Economics is here to help you overcome the fear you may have about the 2030s depression.
The 2030s Will Not Be Like the 1930s
During our efforts to spread awareness of what the 2030s are shaping up to be, we have seen a few different reactions to our forecast. Most people are afraid, which is a normal human reaction. When one hears the words “economic depression,” the mind immediately jumps to the horrible pictures and stories of the 1930s – people going hungry, bread lines, businesses failing, banks failing, and life savings lost.
The upcoming depression in the 2030s will not be a replay of that scenario. The first way to get past the fear is to evict those images from your mind.
Accept That an Economic Depression is Coming
Denial of the coming depression is also a coping mechanism. Businesses and executives alike have surely gone through difficult economic times before, and they have come out on the other side. The Great Recession in 2008 is one example.
People follow all kinds of reasoning to talk themselves out of simply accepting that the depression is coming. This is their own fear at work. Rather than face these future issues head on, these individuals are sticking with a mentality of “we always find a way.” Others think that the government will step in to prevent such an economic downturn from happening. However, the government will not be able to do much to alter the coming depression.
The prospect of a depression may worry your team, and it is okay to acknowledge that, but this is also the time to be looking at the data, keeping an optimistic and purposeful mindset, and communicating your business strategy throughout the entire process.
Do Not Freeze or Make Snap Decisions – Use the Fear as Motivation
Being afraid is not a sign of weakness. Again, fear is a natural human emotion. It is not that you should not be afraid; rather, you need to make sure that your fear does not rule you.
In many cases, fear causes people to freeze up or, even worse, panic and make the wrong decisions. The best way to conquer your fear and effectively plan for the 2030s depression is to use your emotions as a motivational tool.
Use these years before the 2030s as motivation to solidify your business strategy and make sure your communication with your team is clear and frequent. This way, as the years pass, your fear will gradually dissipate, and the light at the end of the 2030s tunnel will be more visible.
[ Further Reading: 5 Pieces of Advice for Leading Your Business Through the 2030s. ]
Think of This as an Opportunity for Your Business
It is important to keep in mind that this depression does not have to be a net negative. Those who are properly prepared can do extremely well during a depression. As you make your business preparations, keep an eye out for the coming opportunities that will present themselves.
The next few years before the coming decade will be vital to your success throughout the 2030s. For those looking for additional guidance, ITR Economics’ Financial Resilience program provides you with a custom 15-year forecast for your business. This program will answer your most burning questions about the depression and give you a custom blueprint for navigating the next 15 years. Contact us to learn more!