Gloomy predictions: How can you maintain confidence?

According to a survey of 2,000 businesses carried out by the Chartered Institute of Personnel and Development (CIPD), just over a third are planning redundancies or to recruit fewer people ahead of National Insurance and Minimum Wage rises this April.

42% of those surveyed have said they will increase prices to cover the increased costs. 25% are looking at cancelling or downscaling plans for investing or expanding their business.

The chief executive of the CIPD, Peter Cheese, said these were the “most significant downward changes in employer sentiment we’ve seen in the last 10 years, outside of the pandemic.”

In separately conducted research, the Federation of Small Business also found that confidence among small businesses has dropped to its lowest point in 10 years when the Covid pandemic is excluded.

These surveys join a growing chorus of concern from businesses. The British Chamber of Commerce reported last month that a survey of almost 5,000 members suggested that confidence is at its lowest level for two years.

Amidst such a pessimistic view, how can you and your team maintain confidence? Here are 5 suggestions.

• Foster a resilient mindset: Remind yourself and your team that challenges like these are temporary and part of business cycles. Reflect on past challenges you’ve overcome to build confidence in your ability to adapt.
• Focus on strengths: Highlight what’s working well in your business. Celebrate small wins and keep your team motivated by focusing on successes.

• Transparent communication: Share challenges and opportunities with your team openly. Transparency builds trust, fosters collaboration, and keeps morale high.

• Embrace innovation: Approach challenges as opportunities for growth. Shifting perspectives from survival mode to innovation mode can inspire new ideas and solutions.

• Long-term vision: Keep your eyes on the bigger picture. Remember, tough economic conditions are often temporary, and businesses that stay positive and forward-thinking tend to emerge stronger.

By focusing on optimism, resilience and adaptability, you can maintain your confidence and inspire your team to thrive even in uncertain times.

See: https://www.bbc.co.uk/news/articles/ckg7gewqevqo

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