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Tips for dealing with the challenges that come with uncertain times in business.
From Wall Street to Main Street, there’s a strong wave of uncertainty. Business owners and employees grapple daily with challenges that range from AI to tariffs. Here are three approaches to managing your mindset and employees in the face of uncertain times.
Balance where your attention goes
“Uncertainty is scary, but fear, panic and worry are not preparation. They add insult to injury—another layer of stress that can compromise the immune system and paradoxically make you even more vulnerable. Changing your perspective and reminding yourself that many gifts await you in the unknown, that it contains many positive outcomes as well as negative ones, is a game changer.” Redirecting your mindset in situations beyond your control is one of the most powerful things you can do in uncertain times, writes Bryan Robinson, Ph.D. in Forbes.
Balancing attention on the negative with positive factors or possibilities is one way to cope with uncertainty.
Focus on opportunities with employees
Talk of uncertainty can make employees feel anxious. Asking them to be resilient can compound the problem. To help employees in uncertain times Havard Business Review says, “Start by talking about the opportunities your organization has ahead of it, especially those created by the uncertainty. This framing helps focus attention on what your organization might be capable of, rather than what it’s up against.”
This doesn’t mean sugar-coating competitor challenges, changes in the market or setbacks. Instead, this approach invites us to pause and look at the situation from new angles. Thoughtful examination can help uncover opportunities that might otherwise be overlooked. Ask questions that start with “what if….?” and “how might we…?”
Cultivate two-way communication
Transparency helps foster a culture of trust. In addition to providing information and feedback, leaders can help their teams navigate uncertainty by cultivating two-way communication.
“Managers should consider employees’ perspectives,” the NeuroLeadership Institute advises. “What are their concerns? What uncertainties keep them up at night? What kind of information will help them feel more secure and focused on their work? Use anonymous surveys, shared documents or live conversations to understand their preferences about how much information they want and when.”
Soliciting feedback and being responsive enhances trust and can help alleviate employee worries that arise from uncertainty.
One thing that’s certain
In a quickly-changing business environment, uncertainties seem to multiply. One thing you can be sure of is that Consumers is here to help you with professional, local service for business banking and locally-made commercial lending decisions. A friendly face and a cup of coffee can make all the difference in one’s mindset, especially in times of uncertainty. That’s why we invite you to stop by one of our offices whenever you want.
All loans subject to approval. Rates, terms, and conditions are subject to change may vary based on credit worthiness, qualifications, and collateral conditions.
Consumers business loans
Do you have business banking questions? Contact our knowledgeable commercial loan officers.