I Don’t Know, You Don’t Know, We Don’t Know
A couple of months ago I was attending a dinner with 30 other CEO’s and Senior Executives. After dinner our host asked the following question: “How has the economy impacted your business?” As we went around the room the answers were fairly predictable; the economy was having a significant impact on everyone’s bottom line.
Things changed when the CEO of a multi-billion dollar enterprise stood up and shared how the economy was impacting his business. He shared insights from a strategic planning session he had recently had with his senior executives. Part of this process involves answering the following question: “Where are things going?” What shook him up was that every senior executive in the room responded to the question with the same answer: “I don’t know where the economy is headed.” He then concluded that this year his company will put together a strategic plan with the specter of “I don’t know” looming in the background.
In my last Blog posting (GM and the Continued Assault on Business) I discussed a similar experience in which the CEO of a fairly large company noted that with so much uncertainty in so many significant issues (e.g. health care, labor/card check and taxes to name a few), it is difficult to take prudent risks and feel good about investing in your business. As he spoke these words, everyone (about 40 people) was shaking their heads in agreement.
In the past fifty years, this country has experienced a couple of recessions. But in talking with people considerably older and smarter than me, one thing that stands out is the fact that no one knows how everything will shake out. Will annual deficits in excess of one trillion dollars for the foreseeable future impact our quality of life as well as the lives of our children? When will the economy stop shedding jobs? When will there be a meaningful recovery? Lots of people can offer opinions, but in truth, we don’t know. The best that people can offer is only an educated guess.
With this uncertainty, people are doing what you would expect them to do, hunkering down. The savings rate is up as people forego purchasing things because people, and the markets, do not like uncertainty. And a recent conversation with an individual underscored the reality of this economy. Every morning he wakes up wondering if this will be his last day at work. Every day he wakes up in fear that he could be laid off because his company is struggling and he knows that unless things get better – and quickly - they will have to make steep cuts. Unfortunately, his story is not unique. Lots of people, including some of the readers of this Blog, can identify with this individual.
So, what can you do? First, get or stay networked. I read the story of a person whose company cut his work week to three days. Despair set in until he and the family volunteered at a homeless shelter. The situation is still dire, but they have met other great people, and now have a sense of hope as they draw strength from their volunteer service.
Second, stop playing pretend. In the “can we talk?” category, I meet lots of people every month and my intuition skills are pretty good. When asking the “how are you doing” question, I listen and watch a person’s body language. Let me clue you in on a little secret; there are a lot of hurting people out there who are afraid to acknowledge what is happening in their lives, so they put on their “game face” and pretend that everything is OK. Look, no one can help you if you keep playing pretend. So go ahead and take a prudent risk; try opening up to some people and let them know what is really happening in your life.
Third, know what you want. Be prepared to give a clear, concise answer to the following questions: What do you want to do? How much do you want to make? Are there any restrictions, either geographic or personal, that need to be disclosed? In these economic times there is plenty of competition for every job. When an individual or company calls you, bank on the fact that they don’t have a lot of time. So have your elevator speech prepared and be able to answer these questions. Take it from personal experience, when somebody asks you what time it is, give them the time and save the lecture on the history of clock building for later.
Let me close by sharing some advice from a friend who has been an inspiration over the years: Be a good finder. In these tough times that can be a challenging assignment but as my friend pointed out: Tough times or not, we all have a choice on what we think about and where we spend our energy. The answer to a lot of today’s tough questions may be “I don’t know” but we can still choose to spend our time on “the good stuff” like family, friends, and improving ourselves in our personal and professional lives.
