Hi, I'm Kevin Eikenberry, and I'm here
to help you reach your potential as a leader and a human being.
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This episode I'm helping you think about what to do
with negative economic news.
Are you ready?
Well, let's get started.
When you watch the news, you hear economic news.
And often because it's news, we hear the negative.
And let's face it, if we were talking about how
things were great in the economy,
we wouldn't need this video and you wouldn't watch it.
So we're talking about when we have negative stuff happening
in the economy or that's what the news is talking to us about.
The question is, what do we do with that, both as individuals and as leaders?
And in order for us to be effective about it
and with it as leaders, we've got to get this clear for ourselves.
First, we're going to talk about both, right.
So negative economic news.
What do we do with it?
Here are some tips.
Number one, and this is the big idea of this video
to remember always that macro doesn't equal micro.
And what I mean is what's happening in the overall
economy might not be what you are or will experience.
And so don't immediately equate what's happening
broadly or what people are predicting will happen broadly,
that it will happen for you.
Because we have to remember, too, that those predictions
aren't even always right.
So we start worried about stuff before it even is happening,
let alone the fact that what's happening for us
could be end up being quite different than what happens in the overall situation.
We can take any past downturn and find industries
that did great even during the downturn.
As an example, we can find organizations everywhere that are having
no trouble getting the talent they want, even if overall
there's a shortage of valued workers.
So the macro doesn't necessarily eerily equal the micro.
Which leads us to the idea that we should
look at your situation and not read the headlines.
Like I'm not saying we shouldn't read the headlines, but I'm saying
we need to always translate that to our situation.
That's what's most helpful.
That's what we need to do in our own head, and that's what
we need to help our teams do as well.
Next, don't obsess like we're at this place
because we've listened to the news.
We want to be aware.
We want to be forward thinking, all of that.
But if we just keep listening to it, we start to obsess about it.
Most of the news tends to take us down a negative path. So
have knowledge, be aware, don't obsess.
Next, look for opportunities in almost every downturn there are opportunities.
What are the opportunities in your business?
Maybe when there's an economic slowdown, you have the ability
to help people cross-train, learn something new.
Maybe there's a new product or service that you should be offering
that you've not had time to work on.
Now you do or are now introducing.
It might actually help you and your business look for opportunities.
Next, focus on what you can control
your ability to control or influence
the larger economic forecast.
And predictions and realities are very small.
So if we will instead focus on what we can control
in terms of how we think about it and what actions we are taking,
we have a much better chance of coming through them successfully.
Next, discuss it with your team
firmly with your leader hat on.
You need to talk about these things as a team because your team is wondering.
Your team is worrying.
Your team might be obsessing.
The more so when we can open the doors and
look at it together and help them do some of the things
that I've been sharing with you, you have a better chance of success.
And the last thing to do with negative economic news
is this move forward, the key word being move.
If we stop, if we wait too long,
if we become overcome with worry and concern and unable to move,
there's little chance that we can adjust to make the adjustment
and make the changes that we might need to make in order for us to succeed
or even thrive during a different economic season.
So there's a number of things that you can do with negative economic news.
Be aware, then get to work would be how I would say that.
In short, let me close with today's tweet.
When negative economic news arrives, remember that you're
micro situation may not match the macro news.
Then get focused on what you can control.
Well, this was a different sort of episode.
I hope you found it useful,
maybe a bit inspiring as well as a new perspective on things.
That's what I try to do every week in my LinkedIn newsletter
titled Remarkable Results.
So if you spend any time on LinkedIn,
I hope that you will connect with me and sign up for that newsletter.
All the information is here or in the show notes.
I hope you'll do that
and I hope you'll be back with me next week
for another episode of Remarkable TV in the remarkable leadership podcast of.