A crisis to set us free?

I can't help but think that the current global economic crisis may be a good thing. Not to be insensitive to those who have / will lose their jobs and suffer hardship, but it has, and will continue to force us to take a long hard look at ourselves. Living beyond means, both in a business and consumer context, is by definition not sustainable, so the crisis may in fact be salvation.

From ordinary folk we have over extended themselves have been brought down to earth, both in terms of their material spending, but also what is really important to them. In times of trouble we see people turn to family, friends, focus more on their health, maybe even what is good for the planet.

Businesses the same - most famously obviously financial institutions who have lived on borrowed time for too long (although not sure how much they will really change other than increased oversight), so the Detroit 'Big 3'. Burying your head n the sand as GM, Chrysler, etc. have done for so many 'good' years is no way to run a business. Isn't hindsight a wonderful thing.

And even at a small business level, we are finding through research and personal experience that times like this help foster an entrepreneurial spirit which will inevitably launch new initiatives designed at addressing the issues we now face, rather than faced 5, 10 or 20 years ago.

One area I believe will significantly benefit is the environment. This has been a bigger issue than most would like to admit for many years, with clearly insufficient being done by all for fear of the financial repercussions (from reluctance to recycle due to time and cost, to not addressing renewable energy for fear of disrupting the world oil and gas markets). Well, the world is well and truly disrupted now with consumers looking to change their behaviour to save money, and businesses looking to tool up for the more environmentally conscious future, both resulting in more cost effective and sustainable activities. So far from the environment dropping off the agenda, losing priority to financial worries, it could be the real kick start we have needed for years.

The only trouble is we may need one of these financial crises more often than we would like to keep us in check.