So, you are fearless! Really?

Even if it was true (which is doubtful), fearless equals reckless in business. The reality is that many people are at the fearful end of the spectrum. They can become frozen by fear of failure. Bill Russell, the famous Celtics basketballer of the 60’s is widely regarded as the best player of all time. He threw up before most matches.

Fear needs to be managed, as it often gets in the way and impacts or destroys change programs. And many businesses have no choice but to change. More of the same is simply not an option. They need to expand, diversify, relocate, restructure and downsize.

There are some useful techniques to help address fear

1. Ask “What’s the very worst thing that could happen if it fails?”

   Lose your job, go broke, have to sell your business, start again?

   Once you have articulated the potential worst-case scenarios, they lose a lot of their hidden power.

2. Ask “What’s the real chance that the worst could happen?

   It’s amazing that when you quantify the probability of total failure, the odds aren’t that high. It suddenly becomes manageable.

3. Do these exercises in writing.

   Put them down on paper. Look the monster in the eye. Sleep on it and come back to it the next day to confirm.

4. If the worst happens, what would you do?

   Set up a contingency plan. Sometimes, these look pretty good and ease the tension.

5. Develop “creative worrying”, the ability to constructively think about what could go wrong and plan for it. 

6. Don’t procrastinate.

   If this has been causing you sleepless nights, there are probably other people in the business, going through the same pain. It’s amazing how staff sense or anticipate your issues. Don’t prolong the tension for them or for yourself.

7. Get some help from a trusted advisor.

   A friendly sounding board can often put things into perspective.

Navigating fear and the unknown

Through COVID and earlier, I have encountered small and medium sized businesses in some industries struggling, but frozen by the prospect of significant change.

Many were forced by lockdowns to take the leap, but many more have closed up. The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear - is fear of the unknown.

Rather than allowing it to take control and prevent you from acting, stare it in the face, wrestle the detail and develop a contingency plan. You’ll sleep better.

Author: Bernie Bicknell, Partner nem Australasia

This article is based on research and opinion available in the public domain.