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Overcoming Fear in Business

October is here and Halloween is just around the corner. Just as it exists on Halloween night, fear is also present in the business world. According to the National Federation of Independent Business’s Small Business Economic Trends report released this past August, business owners are most worried about taxes, government requirements and red tape, quality of labor and poor sales. You won’t always have the power to completely dismiss fears such as these, but you do have the ability to keep going in spite of them. As Nelson Mandela reminded us all, courage is not the absence of fear, but the triumph over it. Here are a few tips to help you triumph against any anxiety.

  1. Don’t put off financial planning. Sometimes we avoid checking emails and answering phone calls because we don’t want to deal with what the person on the other end has to say – no news is good news, right? Not always. When you’re afraid of what your finances look like, it’s easy to just put it off. If it’s out of sight, it’s out of mind – that is until it comes back to wreak havoc. Face your fear and stay up to date on taxes, payroll, budgeting and balancing. It may be more trouble now, but you’ll be saving yourself from encountering a much bigger monster later down the road.
  2. Have a plan for everything. It’s important to have policies, regulations and procedures in place for every situation. Not everything is always going to go exactly how you want it to. That’s inevitable. Take control of what you can by being prepared for those scary, unexpected moments.
  3. Accept that some things are out of your control. It’s normal to be afraid of the unknown, but you must actively choose not to let that fear consume you. Focus on what you can do better and take what you can’t control as it comes. Once you realize that there’s no sense in worrying about things that you have no hand in, your fear will slowly subside and you’ll generally be a happier person.

Unfortunately, fear comes with the territory of owning your own business. Figure out what you’re most afraid of and come up with a plan of action for every scenario. Knowing that you’re prepared to face your fears is the best way to overcome them.

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About Alvin Loewenberg

Alvin Loewenberg is the President and Chief Executive Officer of Morningside Ministries. He is responsible for the oversight of nine senior care communities providing nursing care, assisted living and independent living, totaling 807 units. Loewenberg has been involved in long-term care administration since 1979. For the past 23 years, he has served as the President/CEO of Morningside Ministries. Loewenberg has held various positions of leadership at both the Texas Association of Homes and Services for the Aging (TAHSA) and the American Association of Homes and Services for the Aging (AAHSA).