Overcoming adversity is part of the human story. My father was born on the steps of a barn in a poor remote village in Greece. There’s awe in listening to him talk about his childhood and his memories of World War II coming to his small village. I think every generation tells a story that can become the stuff of legend. I grew up in a great ethnic working class neighborhood in Chicago and really did walk a mile every day to school. Rain or shine. Chicago winters can be brutal and those walks seemed like Shackleton’s expedition in the Antarctic when I was younger. You can imagine how those stories have grown when told to my children these days. The hyperbole is entertaining. But part of what is so appealing about my father’s story or the story of countless other older Americans is that it is human nature to want to triumph over adversity. That’s why the lesson I hope businesses and individuals alike can carry away from the current economic crisis is one of resilience.
Many of today’s business leaders recognize resilience as the characteristic that makes it most likely for businesses to thrive in a down economy. Resilience is the ability to overcome adversity. The more resilient a business, the more quickly it may recover from a new threat. The economic crisis has had as profound an effect on many people and businesses as a natural disaster. The skills and techniques used to cope with natural disasters can be put to good use dealing with the economic crisis.
The American Psychological Association (APA) recently published an article offering advice on how to address distress or anxiety in the face of adversity. The suggestions made by the article are applicable when considering how to handle the challenge posed to businesses by the current economic crisis. The APA recommends five strategies to cope with disaster, which I believe encourage resiliency. The strategies are excerpted below with my comments regarding how the strategies can be applied to the business world.
1. Get the facts. Having the facts about a threatening situation can lessen uncertainty and anxiety. In the business world, it is a leader’s responsibility to get the most accurate, up-to-date information about the threat of possible lay-offs or reorganization and share this information in a timely and carefully planned fashion with his/her employees. Uncertainly is counter-productive. Having all the facts about a given situation also allows organizations to plan ahead to meet the challenges of a down economy.
2. Have a plan. Consult with coworkers to strategize for the changing market conditions. Plan for both the short- and long-term. Take the time to make good decisions about the future success of your business. Don’t just react to potential threats. Consider, for instance, your bench strength and identify the employees you’ll most want to have on board when business starts growing again. Create a plan to keep them engaged.
3. Make connections. Don’t try to weather tough times alone. Share both your fears and your hopes with family, friends, and co-workers. Business leaders should take responsibility for modeling good communication about how the organization can weather difficult times. Engage your employees in strategizing for future success in spite of the down economy.
4. Maintain a hopeful outlook. My favorite stories have the protagonist triumph over adversity. Be the protagonist of your own story. Plan to triumph over adversity. Imagine yourself successful and share your optimism with others. Consider how you have dealt with past hardships and apply that knowledge to the current economic situation.
5. Volunteer. Share resources and best practices. Help your co-workers outside of the workday – especially those who are struggling with fewer resources. Be cognizant of the fact that although everyone may not be equally stressed by the down economy, everyone feels the impact in some way or another. Rather than consider your hardship to be worse, give back to your workplace and your community.
For those of you who are rising to the challenge of the economic downturn, I congratulate you. I hope that you have begun collecting stories about how you and your organization overcame adversity – these stories can become the legend of your company’s history. I believe that there is an extra measure of pride in resilience. Rather than just weather the storm, plan to come out ahead; poised and ready for a rebounding market.
