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With economic decline often comes a lot of negativity. This negativity typically comes from the media, but you might start to hear it from your own employees or even your management team. During such times, it can be easy for the negative thoughts to take over. As you continue to lead your company through the ups and downs of the business cycle, here are some helpful tips for how to overcome negativity during a recession.
Do Not Let Recession-Related Assumptions Defeat You
It is no secret that Phase D, Recession, is a challenging phase of the business cycle to be in. That does not mean there are not plenty of ways to utilize this difficult phase, including preparing your business to make the most of future economic growth.
Of course, it makes sense for business leaders to want to “play it safe” during a recession period, thinking that a few bold decisions at this time could do more harm than good. By giving in to the negativity, business leaders could miss the many opportunities that even recessions bring.
Recessions are temporary, so remember to keep your eyes on the inevitable resurgence of economic growth ahead. Phase D, Recession, is a time to make strategic decisions to gain market share from your competitors, develop programs for training and marketing, and so on. There is so much you can do during Phase D to make the most out of Phase A, Recovery, which follows the recession phase.
Share Data and Insights With Your Entire Team
The best way to counter the effects of the negativity and media noise in your company is to have accurate data to share with your team. Accurate data and insights can help you and your team see the full extent of this coming recession and act advantageously by using the right Management Objectives™. When you have the data to support your business strategy, you can communicate that data to your team to quell unwarranted fears and inform everyone of what the future holds. You can then plan accordingly and increase team buy-in for your proposed plans and changes.
Unfortunately, even when they have accurate insights, some business leaders fail to share that important information with their management team. This can lead to uncertainty about where the business is headed, further adding to the negativity that is threatening the future of the company. Be sure to give your team the accurate data that will help them see the future. This way, they can become full participants in your business’s plans – instead of fighting you every step of the way.
Negativity will always be present in times of economic decline, but with the right data and mindset, you can prepare your business for the recovery and growth that will follow. Be sure to contact us at ITR Economics to help ensure your company is in the right position heading in 2024!