Credit-crunch optimism revealed
Are you a free thinker or do you follow the herd?
The media loves a crisis. And because viewer ratings soar during a major catastrophe such as an earthquake, war or credit crunch, the media machine naturally serves its own goal and seeks out the worst it can find. By selecting what to broadcast the media is filtering information to keep as many of us as possible glued to the tellybox. The question is, do you trust it, and are your actions a consequence of the media? Do you follow the herd, or do you filter and think for yourself? Does the wo/man make the journey, or the journey make the wo/man?
Whatever you want to call it, a financial cooling down is very good news for lots of savvy people. Many corporations tighten their belts and slow down or stop R&D (research and development) activity when bad news hits the economic airwaves. They cap budgets, stop hiring and cease training. But as the big boys react to their fear, close ranks and pull up the drawbridge, entrepreneurial companies are stepping-up their game, taking on experienced people and winning new clients.
Whatever the media pundits are bringing to our attention, research paints a very different picture. A recent psychological survey by Brighton-based Business Psychologists Criterion Partnership Ltd suggests:
“Successful businesses are those which capitalise on the optimism and resilience of their staff in the face of economic adversity”.
A new survey conducted by Deloitte suggests that the UK’s entrepreneurs remain confident about business growth despite the current economic uncertainty. The survey offers an insight into the mindset of the country’s entrepreneurial business talent and suggests that entrepreneurs are bullish about their future with 45% predicting revenue growth in excess of 20% in the coming year.
A good percentage of professionals start a new business or career shortly after attending our RealSuccess programme. These are people who have kindled the flames of a desire and brought to life a burning new ambition. They have realised how much more satisfying it is to drive your own ideas than be a small cog in a giant machine.
Others return to their large organisations with a new lease of vitality and determination to grow their sphere of influence and spread practical optimism. In some recent research ‘Fight or Flight’ by the Hay Group, Russell Hobby, Associate Director says:
“Only firms with agile business models will stay competitive in both downturn and recovery. Now is the time to acquire talent, market share and customers from weakened competitors, and maintain bullish investment in research and development to leapfrog those who have lowered their sights.”
As coaches part of our work is to help CEO’s and senior execs to be creative and keep a positive momentum amidst chaotic or threatening environments. The RealSuccess programme is renowned for creating many new perspectives and increasing levels of motivation and drive whilst teaching how to be both relaxed and poised. We have seen plenty of results which have truly amazed us, and we know how success is more an attitude of mind than anything else. It comes from free thinkers who don’t need a herd to follow.
Other findings from 120 UK business leaders that took part in the survey ‘Fight or Flight’
- 42% believe their firm cannot accurately forecast economic cycles.
- 49% cite pressure for short-term results from shareholders.
- 24% cite an overly risk-averse board among the factors impairing their firms’ long-term strategic response to the slowdown.
- 46% cite their leadership team’s lack of experience of managing in a downturn as a serious threat to their business.
- 45% confess to lacking the vision required to lead companies through economic turbulence.
What Next?
If you would like to develop a more positive and optimistic environment for your people and your organisation. Learn how to manage your own state of mind and not get carried away by herd mentality, call us on 0870 762 1300.
Stay focused, poised and relaxed while you ride the credit-crunch coaster out the other side and into the future.
