Corona Virus COVID 19 – Reality versus Uncertainty, What to Expect in Business - Episode 17

Corona Virus COVID 19 – Reality versus Uncertainty, What to Expect in Business - Episode 17

Going to provide you hopefully with some helpful thoughts – not the same ole same ole

I didn’t want to skip talking about this subject because our world has drastically changed recently, and it’s forced us to prioritize public health and safety to preserve life in ways we have never experienced and so other things can feel someone secondary.  While at the same time we know that we need a thriving economy as soon as possible and we also need to keep food on our tables for our families. I want to share how I have prepared for what’s next in my business and hopefully hear from you what you have done or what I share here today and any

Please comment on IG OR FB All Social Y'all.  I’d really really love to hear from you what you are doing with your planning around the pandemic or where you are stuck and where you need help. What can I DO?  I have my own ideas but I’d love to hear from you.

So here’s what this episode will cover for you. I’m going to summarize in my own words,

Where we are today March 24, 2020 – You all know this I’m sure so I’m just going to whiz thru this just to paint the landscape, esp if you are listening to this episode some weeks, months or even years later.

 -Businesses are either having to lay off or close, drastically alter by accommodating work at home, finding new revenue streams and figuring out how to forecast which is close to impossible because we just don’t know what is going to happen yet.

- We are trying to adjust and find ways to deal with isolation.  Maybe you live alone, maybe you live in a troubled marriage, or maybe you are enjoying more time with family.  Perhaps you have plenty of space and the people you live with are helping out, or you may be on top of each other having to work through new rules, new routines, new necessities to be aware of like washing hands, and not inviting people over.

- Brands such as Walmart, Instacart, Kroger, Dominos, Dollar General are all hiring tens or thousands of people….Walmart 150k, Instacart $300k, Kroger, the grocer j-10k, Dominos 10k, Dollar General 50k!

- Many predictions are saying we won’t be back to a more what we know as “normal” social life until Q3 and that is if everything goes well.

- The stock market is extremely volatile.  Some can make $ in this market while buying while stocks are “on sale” so to speak, but many are scared, don’t know what to do and losing money.  While for quarterly outcomes, we hope it will rebound with the stability we have had previous to Covid 19, later this year, we also are hearing of a possible recession or even depression if the virus mutates and there’s another out break.  Just today, the Dow Jones Surged 1,600 Points On Coronavirus Stimulus Hopes

 

 

What the World Needs right now

-isolation, practical solutions, positivity (not all doom and gloom because we will come out stronger from this)flexibility, and communication

- Empathy – whether it is for parents of sm children trying to work at home, a pregnant co-worker about to deliver a baby, someone who lives alone struggling with isolation, financial repercussions….we all should think about other people and try to empathize with their unique situations

- scientific data.  I listened to an epidemiologist from Stanford University confirm that we do not have enough data on the effects of this virus.  Validating scientific data is paramount

- we also need a balance between good versus harm. Benefit versus suffering. The decisions our country and it’s leadership and people are making have trade offs.  I am not going to get political.  What I am saying is this is just facts.  We do not really know what the long term effects are going to be on the human psyche, mental and physical outcomes

 

What the World Does not need right now

Miss information.  There’s a lot of miss information out there.  This is very important.  You cannot believe everything you read on Facebook!  In fact, FB is testing new tools now to detect miss information, it is so prevalent.  I’ll put a link to the article in the show notes.

Panic.  Panic never saved anyone.  Fear – we’ve all had fear during this.  You may have cried, or gotten into an argument because you are fearful….that is normal and ok. Fear is a natural protective emotion.  But balancing that with pragmatic decision making and emotional regulation is what is going to allow us to get through this productively.  We will get through this and I believe we will come out stronger.  After I finish the 2 books I’m currently reading, The Subtle Art of Not Giving a Fuck by Mark Manson LOL and Be so Good they Can’t Ignore you by Cal Newport.  I’m getting ready to read the book, The Obstacle is The Way The Timeless Art of Turning Trials into Triumph 

Quoting from the book - The book draws its inspiration from stoicism, the ancient Greek philosophy of enduring pain or adversity with perseverance and resilience. Stoics focus on the things they can control, let go of everything else, and turn every new obstacle into an opportunity to get better, stronger, tougher. As Marcus Aurelius put it nearly 2000 years ago: “The impediment to action advances action. What stands in the way becomes the way.” 

We listen to a morning radio show out of Atlanta that does this quiz every morning 1 person calls in and has to answer the questions and one of the questions was, “what is one thing that most American’s did not do last year?” and the answer was not finish a book.  Lol During quarantine, I’m wondering what will happen to the reading stats!  Will they go up?  I hope so.

WHY DO WE REALLY FEEL THE WAY WE DO?

Anticipatory Grief this is traditionally very common among caregivers and family members of those suffering from Alzheimer’s disease, cancer, and other terminal illnesses.  It’s also common with divorce – grieving the life that we thought we would have in the future and now we see it is not so and never will be the same.  This is what we are feeling now.  We are grieving the loss of what we used to have.  Our world will not be the same.  But I believe it will be better – we just don’t know quite what that will look like yet. Uncertainty and Sensitivity - picture a quadrant Uncertainty on one axis and sensitivity on the other axis.  With new news coming out every day it puts our emotional response into the upper Right quadrant:  high uncertainty because we just heard the news of the day and also high sensitivity because it’s super important to our lives and our livelihood…..our ability to predict our lives physically, emotionally and financially As Yale Center for Emotional Intelligence says, emotions drive some really important behavioral and they are learning, decision making, creativity, relationships and health

 

HOW CAN WE GET BETTER AT DEALING WITH THIS NEW NORM?

Mindfulness – meditation, connecting with nature and deep breathing

https://www.headspace.com/meditation/work-meditation

Limiting time spent consuming the news

Keep a routine and build frameworks into new routines. Me – virtual yoga and a home workout center built affordably.  More reading, make sure I shower and put on some nice clothes and make up. Do your hair.

Virtual – social distancing – socializing.  Yoga, mumba, cocktail hours!

While at work – Zooms or Web collaborations.  But I was reminded today by somenone I met with about a virtual conference – too much of a good thing isn’t good either.  So be careful as in a management role to not have your teams day be all day all the time on the web on video or on conference calls.  That can really drag down someones productivity and emotional state.  Study after study has come out that over digitization ) and this was an issue before cornona virus, that

Ask people how are you doing?  Listen.  Don’t advise necessarily or dismiss because everyone is different.

What can we do to not be stuck in our business?  Sit down and write it out.  Write out all of your offerings, your services, and contrast them to the corona virus climate today.  What will make sense for your customers do you think?  Who do you need to ask?  What can you offer now that is new and valuable in this climate?  Write down if this happens then I’m going to have to do this and if that happens then I am going to need to do that.  It will give you some plan and some amount of peace.  You can only control what you can control. If you have faith in God or whatever your spiritual or religious beliefs are, know that God is in control – or whatever spiritual strength you believe in.  Let it go and don’t try to carry all of lifes burden on your own shoulders.  It’s too much right now.  I know it’s easier said than done.  I sometimes wake in the middle of the night and my mind reels and it’s difficult to go back to sleep because I am trying to solve a million challenges at once, half or more of which are completely out of my control! 

What do we have to hopefully look forward to?

Innovation

Scientific improvements, vaccines Healthcare – telehealth improvements and CX s Technology advancements Social innovation and traditions Celebrations During coronavirus, Costco designates special hours for shoppers 60 and older

Starting today - March 24 and effective each Tuesday and Thursday from 8 a.m. to 9 a.m. for the time being, the warehouse club has added special shopping hours for customers ages 60 and up.

Costco joins fellow big-box chains Walmart, Target and Dollar General in designating senior shopping hours during the pandemic.

People will be antsy and excited to get out and socialize, shop and dine together. 

Those brands who might actually find productivity leveled UP with remote workers, perhaps more people will be afforded more work life balance by working at home.  It isn’t for everyone!  I enjoy a blend but I hope that you found this valuable and helpful.  I appreciate you and for listening.  Take care.