As we face economic uncertainty and a potential recession, it's natural to feel anxious and overwhelmed. The fear of losing our jobs or our financial stability can create a scarcity mindset, where we feel like there's not enough to go around. This mindset can lead to feelings of hopelessness, fear, and anxiety, and make it difficult to stay motivated and focused.
However, it's important to remember that you have the power to shift your mindset and cultivate a more positive and empowered outlook. In this newsletter, learn how one of the leaders I coached recession-proofed her mindset and built the resilience needed to overcome the challenges ahead.
Who’s in the Hot Seat?
Nicole is a successful Chief Marketing Officer who had climbed the ranks of her media company through hard work and dedication. She is admired by her colleagues for her strategic thinking and ability to motivate others.
When the economy shifted, Nicole began to feel the weight of uncertainty and fear. She started to hoard resources, cutting back on investments and bonuses for her team, and became less open to new ideas and opportunities.As her scarcity mindset took hold, Nicole's leadership style began to shift. She became more controlling, micro-managing her team and losing sight of the big picture. She started to see others as competition rather than collaborators, and her relationships with her colleagues became strained.
As time went on, Nicole's team began to feel the negative effects of her scarcity mindset. They became less engaged, less motivated, and less willing to take risks. Nicole realized that her mindset was holding her back and preventing her team from reaching their full potential.
Resetting Your Mindset during Uncertainty
Nicole began her Executive Coaching, feeling off-balanced and stressed. Her usual approach of just focusing on the work was not working. She felt stuck in a negative frame and easily irritated by others. During coaching, she practiced the following:
- Focusing on abundance, not scarcity: Nicole realizes that her initial response to the recession was to cut back on resources and opportunities, which was based on a scarcity mindset. She is shifting her thinking to focus on abundance, looking for ways to create value and opportunities for her team.
- Staying optimistic: Instead of dwelling on the negative effects of the recession, Nicole is staying optimistic by focusing on the opportunities that it presents. She is reframing her thinking and has begun saying, "better times are ahead".
- Embracing change: Nicole now sees the recession as a time of transformation, rather than a time of stagnation. She is embracing new possibilities and opportunities with her work and her team, and is open to exploring different strategies and approaches.
- Building resilience: Nicole is prioritizing her physical, emotional, and mental well-being, recognizing that taking care of herself is crucial for leading her team effectively. She is also seeking support from loved ones and colleagues when she needs it.
- Keep learning: Nicole is investing in her skills and education, staying up-to-date with the latest trends in her industry. She is encouraging her team to do the same, and is creating opportunities for them to learn and grow.
- Practicing gratitude: Nicole is making a conscious effort to focus on what she is grateful for, even during these challenging times. She is expressing her gratitude to her team and colleagues, which is helping to build a sense of connection and positivity.
- Setting goals: Nicole has set realistic, achievable goals for herself and her team, creating a plan to work towards them. This helps her stay focused and motivated, and gives her team a sense of direction and purpose.
- Nicole continues to work on recession-proofing her mindset. She recognizes the importance of staying positive and open-minded, and uses these strategies to emerge with greater resiliency.