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8 August 2009 : Resilience in tough times.

ATM stands for:

Anecdote

As I am training in various companies, I notice the load that people carry, it may not be visible, yet you see the weariness and concern in unguarded moments. It is slicing through all employee levels, races, industries…We read headlines, see several “for sale” boards, less sales. People and businesses are asking:” what will we do now?”
A few things we can keep in mind are:

Tips:

PERSONALLY

• Be honest on what you want, what you need, and what you can let go of… This is not a time to try and keep up with the Joneses, (the chances are good that their credit cards are maxed out too!)
• Have a look in your cupboards, how many things can other people use? Share in what you have.
• Be courageous enough to admit your financial strain, (you may help a few friends sigh with relief, as they may also be unable to keep up entertainment costs or that friends’ week-end away.
• Realise that most industries are facing tough times now, inform yourself in the business context; understand it is not your boss that is out to get you.
• Set up a plan of action, a budget etc, the brain will not let go of fear until it has a plan in place.
• Face up to your creditors earlier rather than later, at this stage banks will rather give lower payments/extended payment periods than having to put another car or house on auction.
• Start with a spending plan, for one month, record what you spend. Why a spending plan? Most people plan an unrealistic budget, without any clarity on what they are really spending/require. Then set up your budget.
• Beware of settling into the doom and gloom paradigm, this will prolong your own experience of the economical downturn. Do not join the moaning crowds.
• Critically analyse the ideas of “experts”, you can trade in for a cheaper model car, but you may lose a tax benefit or still have to pay in on the outstanding capital. Each person’s scenario is different. DO YOUR HOME WORK!

BUSINESS

• Make sure you have efficient monitoring systems, for cost as well as productivity. When you want to be more efficient, you need to start with the facts.
• The example needs to be set at executive level. Do not ask people to cut to the bone, but executives can still be the fat cats eating the cream.
• When cutting budgets, focus on the value add products and services. Also carefully evaluate the cut in cost in relation to the effect on staff morale. You may lose more than save…
• Do not just make these times of cost cutting but also about increasing efficiency.
• Ensure that employees at all levels understand what cost efficiency means on every level, from the PA to the MD and how they can contribute.
• Do not move around chairs on the Titanic, make the cuts where you have to, but if you are going to make people bleed, ensure that you have based it on analysis, not emotional over reaction or personal agendas.
• Incorporate financial wellness programs and resilience courses (at all levels) as a form of support and skills development.
• Never underestimate the influence of retrenchments on people left behind, debrief this emotion and process.
• Keep up your resilience, in these times any business prefers the person saying, “that's a tough challenge, but let me work on it,” rather than ,”that’s not my job” Make the survival of your company part of your job. How would you have changes your efficiency level if it was your own business?
• In the long run please remember: NO BUSINESS EVER SAVED ITSELF TO GREATNESS!

Mindful Quote

“In times like this, it is not about positive thinking, it is about thinking outside of the box.’ DEMARTINI

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