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Image of newspaper and compass showing the direction of SA economy

WHERE IS OUR ECONOMY HEADED?

It’s no secret that our economy could be doing a lot better. The cynics have spoken, jobs are hard to come by and concern for our livelihoods is a full-time occupation.

Recently Finance Minister Tito Mboweni called for comment on a much-awaited economic strategy plan for South Africa that he hopes will boost growth and create jobs in the country.

“Weak growth over the last six years is a function of both cyclical and structural factors. Although structural factors have dominated, including sharply declining competitiveness. This saw South Africa’s position in the Global Competitiveness rankings fall from 44th to 67th between 2007 and 2018.

A series of cyclical once-off shocks such as political turmoil, drought and most recently load shedding by Eskom have further exacerbated the depth of the slowdown. Together, these have served to compound
and prolong the effect of weaker confidence, leaving us with an economy that has almost 30% unemployment.”

The common saying “when the going gets tough – the tough get going.” comes to mind and it might seem like every penny you have should be saved when times are lean but the truly successful venture out into
the night to face their demons and come out the other side conquerors and it is the same in business.

Here are the 3 main reasons you need a coach when times are less than rosy

OBJECTIVITY

No risk no reward, but risks have to be calculated. Risks have to come from a place of bravery, not a place of fear and in an economic downturn- fear rules. This is why having a business coach can be the difference between you making it or failing.

The objectivity that comes with having a coach who is able to look at a situation with clarity and give you advice is priceless when every decision has grave consequences which tend to happen in lean times.

SEEING OPPORTUNITY

The fascinating thing about challenges is that they usually disguise an opportunity. However, if you are in a scarcity mindset – it is next to impossible to spot opportunities because you just do not have the capacity to see the trees for the forest. A business coach can help you uncover areas that could be improved, efficiencies you haven’t taken advantage of, and partnerships or synergies you may have overlooked that could take you to the next level.

MOTIVATION

Nothing was ever achieved by a person who wasn’t motivated and this is the reality of life. We are born to magnify our losses and minimize our gains – it’s just how we are. A gain has a positive effect on you for just about a day, whereas a loss of the same magnitude or even a lot less can stay with you for a week.

Think of motivation as a muscle to help you lift a weight, if you don’t work that muscle you will never lift that weight – ergo when times are hard you need motivation even more than ever and this is when a business coach can be invaluable.

If you need to get in touch with a business coach who is passionate about developing people to their full
potential – let’s talk!

For now, I wish you a magnificent week to come – and remember, the glass can be half full!

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