Friday 5 December 2014

Why the global economy must be fearless

Why the global economy must be fearless

The news that the UK economy grew by 0.8% between July and September caught many by surprise. There has been an unlimited supply of negative press regarding the state of the UK and global economy which has fuelled fear amongst consumers and businesses.

Business and emotions such as fear tend not to always go hand in hand. The ability to handle emotion in business is a critical skill and one which is often ignored. Placing emotions to one side entirely when doing business can however be somewhat hazardous because business is not always black and white, there can be a lot of grey. If as a business manager or owner you feel overwhelmed with fear it will only stop you from taking the necessary steps which you need to take. For example, fears over the economy might stop you from taking on new personnel or investing in new machinery. Taking risks, be them big or small is part of being in business and if everyone stopped taking risks entirely it would completely stall the economy.

Growth is essential for all businesses. However it is equally important that growth is managed to be sustainable. Darwin observed that nature might be full of wonder and beauty but the truth of it is that all that beauty we see is actually a fierce battle for survival. Many would claim that the business world has wholeheartedly accepted and adopted Darwinian thinking.

In business you have competitors which drive a business to continuously improve. By growing a business faster and more successfully than your competitors you will make sure the business goes on to exist and hopefully grow.

At the same time the government has a responsibility to make certain that the business environment is given as much confidence as possible to encourage growth and balance. A country in total and utter fear isn't going to help the economy at all. Following more than two years of economic hardship it is going to take time for confidence to be repaired.

The enormous civil service in the UK, which includes bodies such as the NHS, are facing government cutbacks that will inevitably lead to job losses. Because of this the private sector is going to have to expand and absorb as many people as possible.

If you have a successful business it is important not to let fear get in the way of you buying those executive desks, glass desks or any other executive office furniture you need. Investing in people or assets is crucial in business and to the economy as a whole.

The future is always clouded but the present is clear and it is essential that fear doesn't drag businesses, the economy and people down a slippery slope. A famous United States general, George S Patton once said “There is a time to take counsel of your fears, and there is a time to never listen to any fear”.

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