Conversations today seemed to be focused on the drop of 600+ points in the stock market; couple that with the drop the previous week and the “panic” word starts circulating.
My question to those that are in a “panic” mode, especially referring to my clients, mostly small business owners, is “how do you panic”? What exactly do you want to do? Closing your doors, or cutting back on production and staff will only result in a decline in your business or you joining the ranks of the unemployed.
I don’t believe that the stock market drop will have an immediate impact on the average person. Sure, they may lose some value in their 401K or other investments, but their day to day activities will see little change.
The 80%+ of the population that is still working will still need to purchase food, school supplies, entertainment, electronics and everything else they have been accustomed to purchasing and doing. This will not change unless the media increases their negative campaign of doom and gloom and people start believing that it’s all over.
Other than continuing with your efforts to grow your business the thing that all of us must do is to make a change in our government leadership. So many different stories are put forth by the media and the different political parties, that we really don’t have a clue as to what is true. Scare tactics, such as “if we don’t raise the debt limit social security will have to stop as well as pay for our military”, are, in my opinion , used as a vote getting mechanism. Not only do we not know what the exact financial picture is in Wahsington, I don’t believe that our elected leaders, or either party, really know.
We have the power of the vote, however, it must be an educated vote, and it must be used by 100% of our eligible voters.
It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.
Have a great day!