Economic stressors among concerns

During hard times or economic downturns business people experience many various stressors. While speaking to a group on this topic recently, I asked them to cite some of the stress points they had experienced. These include:

Difficulty in obtaining financing.
Lethargic consumer confidence.
Accelerated and intensified competition due to shrinking markets.
Uncertainty and anxiety due to unpredictable future interest rates.
Concern about the lack of funding in research and development.
Training cutbacks which will result in future labor problems.

All of their concerns were valid and very stressful, but in my opinion, one of the most important sources of difficulty that many of them experienced was the deterioration of certain essential cognitive and emotional elements within themselves. Worry makes a person’s ability to deal with any economic stressor even more pronounced.

For individuals whose work is closely tied to their sense of self-worth and who tend to personalize struggles, the problem may be especially bad. During prolonged periods of difficulties these individuals begin to see everything as negative.

I also hear these same individuals express feelings of hopelessness over what seems to be a domino-like effect with problems. Their difficulties seem to resonate, generating still more difficulties. As their problems seem to mount, panic and fear often become part of the picture. These intense emotions frequently begin to adversely affect their sleep patterns, appetite and relations with others.

All of this, of course, adds to their problems, often creating a sense of helplessness and hopelessness. As self-confidence is eroded the individual often begins to question his or her own sense of competence and judgment.

Here in Central Texas the economic downturn has been felt by many. Reading and hearing about similar, if not worse, problems in other parts of the country provides little comfort unless one feels that misery loves company.

Here are some suggestions that may be helpful for individuals attempting to deal with economic distress.

Remember that economic downturns tend to cycle upwards again at some point.
Instead of adopting only a defensive posture, commit some energy and thought into seeking offensive strategies. Often backing off from the problem enables some individuals to find solutions.
Strongly resist the tendency to isolate one’s self from friends and family. Pessimism, cynicism and self-doubt tend to increase during periods of isolation.
Utilize healthy, temporary, escape mechanisms for the stress that accompanies economic downturns. Exercise, good humor, and relaxation techniques help restore balance.
Don’t forget that proper nutrition and avoidance of chemical escapes such as alcohol and unprescribed drugs are important. You may need to seek professional assistance. Remember, big miracles are created for big problems.

Copyright c 1991 Harold H. LeCrone, Jr., Ph.D.