Building Business – Moving Beyond Today’s Economic Anxiety and Fear

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5 solutions for stepping out of financial paralysis and back into business as usual

By Jane Honeck

Every day, like me, you field questions about your views on the current economic situation. Because we work with money, our customers think (or at least hope) that we have the inside scoop. They are looking for a crystal ball that will tell them the right thing to do. And, because they are looking and waiting for that elusive answer, decisions are put on hold and business as usual is a thing of the past.

We are all waiting for that one piece of information that will have the answer for making sense of the current financial world. Unfortunately, we are on new, uncharted ground because there isn’t past history mirroring today’s events. There is no clear track record for what will happen next. There are plenty of theories, but that’s all they are—theories and speculation without a smidgen of certainty.

This uncertainty fuels everyone’s fear, and is reinforced by the headlines of the day. And, even though we are in the money business, it is impossible not to join in the fear and anxiety. The recent budget crisis catapulted us into the current stock market turmoil and quickly reaffirms the consequences of ignoring Sir Francis Bacon’s 400-year-old words, “The only thing we have to fear is fear itself.”

These words of wisdom were meaningful then and still meaningful centuries later when FDR used them in his inaugural speech. And ring true today. It’s easy to see how the fear of future failures and potential losses drives down expectations. When this happens, we start to operate from a place of weakness instead of strength. And, the more questions we field and headlines we read, the more our own anxiety grows. We must remember that fear fuels fear. Consequently, it’s important for us, as financial professionals, to help our customers stay grounded in reality.

So what can we do to help move ourselves and our customers beyond today’s economic anxiety and fear and get on with business? How do we stabilize our own financial lives and help build this economy instead of tear it down? Like it or not, we’re all in this together because it’s clear what happens when we tackle today’s problems as a house divided. As frustration and mistrust grow, any solution seems out of reach and not in our control. Fortunately, our own grassroots effort is something we can be part of. Ultimately, this is what will make a difference in moving us, and the country, out of fear and back into possibility.

Here is my grassroots solution for helping you and your customers step out of financial paralysis and back into business as usual:

1. Talk It Up. Ignoring anxieties and keeping fear bottled up only makes them fester and grow. Share thoughts and feelings with someone and get their perspective. Without shared perspective, we magnify negative speculation, mix it with past failures, and the financial boogeyman grows. With sharing, things become more balanced. As a credit union professional, make your sharing about possibilities, instead of reinforcing today’s negative news.

2. Stay In The Moment. Affirm today’s financial reality. Did they make it through yesterday, last week, last month? Have things changed that much? Is there enough for today? None of us know what’s really ahead, but we can be certain about today. Staying in the moment and not getting too far ahead puts a stable foundation back in place. Help build customer confidence by bringing them back to the truth of today.

3. Choose Your Battle. Help them find the real issue underneath their concern. Like us, they need to be honest about what’s underneath the concern. Is it mistrust, lack of control, powerlessness? Today’s financial fears keep us worrying about things we can’t change. But, we become empowered by transforming those we can. Can we stop the stock market slide? Probably not, but we can make changes in our own financial world.

4. Take the Next Step: Don’t worry about all the steps from here to financial stability; you only need worry about the next step. Keep the focus on financial goals and begin shifting from emotion to motion. Pay a bill, open a savings account or retirement plan, or cut up a credit card; any next step will start the momentum. Ultimately, the culmination of those next steps will build trust in the ability to meet their future goals.

5. Do It Again: When the next negative headline appears (and it will) go back to No 1. Fear is a part of life, but it doesn’t have to take over life. It may feel like a lot of work the first time we tackle these steps. But, use them often and eventually you will slip right through fear and into empowered action with a blink of an eye.

You won’t use all of these steps when interacting with customers. But, if you listen closely, you’ll discover where they are and how you can begin to help move them beyond fear. It’s all about finding a place to start the momentum to move forward with financial decision-making and business as usual.

There you have it, a simple plan responding to time-tested sage advice. Five easy steps you can use for yourself and customers when fear and anxiety raises its ugly head. It’s a road map that moves us from emotion to motion, paralysis to possibility, fear to trust. After all, it’s trust that builds communities—and isn’t that what business-building is all about?

Jane Honeck, CPA, PFS, speaker and author of “The Problem With Money? It’s Not About the Money!”, is a money coach specializing in tax and financial planning for small businesses, individuals and couples. She is also a Certified Empowerment Trainer, and has developed Cent$ible Living financial workshops and money coaching sessions to help her clients make meaningful and lasting change in their financial lives.