It is always tempting to say more, but in IR we also know that doing nothing is a powerful tool
To act signals decisiveness. But in both business and politics, the best decision can be to refrain. Recently, Swedish mining firm Boliden has offered up an example of where less would have definitely been better.
Having experienced a rockfall at one of its sites – at a depth of 1,100 meters and caused by unexpected seismic activity – the firm’s CEO Mikael Staffas decided to add color to the dry, factual press release already issued by the firm. He gave an interview with EFN Ekonomikanalen, a prominent Swedish business publication, attempting to put a positive on the story and talking about how the incident would not affect long-term plans for the mine. However, Staffas also said [translated from Swedish]: ‘It is a hell that it has happened in Garpenberg, where we make the most money.‘ And of course, this is the statement that made headlines.
The stock plummeted nearly 20 percent in two days and continued downward when the market opened after that weekend. Staffas should have stayed put, leaned on the existing, dry press release – and not taken further action.
Making decisions often takes center stage in the drama of power, both in politics and in business. Doing something shows more strength than doing nothing.
But having spent many years in communications in both the corporate world and the political sphere, I understand well the difficulties that come with the lead role in the play.
Sometimes doing nothing is the right thing
It is always tempting to act but sometimes the opposite is the right thing: still the boat and do absolutely nothing. In the book Just don’t – on the art of refraining, the author and journalist Johan Anderberg gives several examples of occasions where the opposite of Nike’s iconic motto ‘just do it’ would have been the best choice.
For example, when the mathematician and investor Jim Simons – creator of one of the first smart mathematical models for stock trading without human influence – began to doubt his own model during a globally turbulent period in 2018, he considered taking action and selling large parts of his investments. Fortunately, he did nothing, sticking to his model and keeping his holdings.
Warren Buffett offers up another example. Anderberg writes about his use of baseball analogies when talking about the art of investing – including Buffett using legendary player Ted Williams as an example. Williams was an expert at knowing when to swing – but above all when not to swing.
Anxiety is never rewarding
With so many examples of where doing nothing is the right move, the question becomes why action takes the leading role in the first place – and why it often becomes the first choice. My view is that the main supporting role in the performance plays a crucial role: namely anxiety.
Making decisions often takes center stage in the drama of power,
The person who makes decisions, or is going to comment on an event, is worried about not appearing decisive and strong. People naturally fear being seen as weak, or a loser, if they do not do anything actively. The result is that the decision itself is overshadowed and the important thing becomes to act visibly and to clearly explain what you have done. Passivity is rarely rewarded, but anxious decisions are weak decisions.
Shaped by my roles in communications, including at Thule and Nibe, I am convinced that a large part of the solution is to try to explain – to dare to talk about why you decided not to act.
The power of storytelling is great. If more decision-makers and public figures had the courage and took the time to really explain – to themselves and to the world around them – why the best decision is sometimes to do nothing at all, we might see better outcomes.
Needless chatter
Beyond the business world, life is full of these examples – especially among those in the public eye. When Melania Trump, the First Lady of the US, recently held a press conference to strongly distance herself from what was alleged about her relationship with the sex offender Jeffrey Epstein, she likely wanted to show that she was acting with clarity.
However, her statement raised more questions than had existed before she took the podium. It would probably have been better for her if she had refrained.
Another example comes from the influencer world, which is often synonymous with anxiety. Margaux Dietz – then a highly visible Swedish influencer – found herself in hot water in the autumn of 2022 when she posted a clip on YouTube showing a man lying passive and bloody outside the door to her apartment in central Stockholm. Instead of calling emergency services, the influencer chose to film the incident.
Her explanations and later criticism of her critics did not turn things in her favor. An apology and a genuine expression of regret – and nothing more – may have shortened the Swedish public’s memory of the video, at least.
Trust your story
Anxiety is a burden that can easily be moved to a much less prominent role in the play.
This is done by daring to take responsibility and explain – to yourself and sometimes to those around you – that you have made the right decision – to not act, at least for the moment.
And the confidence to do this comes down to trust in the power of the story, that is how you kick the anxiety out.
Fredrik Erlandsson has previously worked in corporate communications at Thule, Nibe and Diageo. Today, he is an independent communications advisor.
This article was first published in Affärs Världen, the Swedish weekly business publication. Click here for the original Swedish version.
