July 10, 2020 is sixteen weeks from today. (Posted on Friday, March 20, 2020.)
Every year, I rent a beachfront house on Galveston Island and have my two grown sons, their wives, and the four grandchildren they have thus far given me down for a celebration of life.
I’m going to do it again this summer. In fact, I’m going to select the property and put a down payment on it this weekend.
While the dates of our family gathering vary from year to year, I chose 16 weeks exactly because that’s how long I’m going to be crafting a Coronavirus Business Recovery Plan (CBRP) for you. (And for myself.) I think that’s about how long it will take, but the critical thing to understand is that your CBRP must start today!
As I write this, the US is still, unfortunately on the upswing in terms of new cases. The potential problems with hospital capacities, equipment shortages, etc., are yet to reach their critical point.
And because that’s what the news will focus on, it’s all too easy to get sucked down the rabbit hole of negativity. Keep in mind that the unavoidable result of news is to make what is rare look common. That is certainly the case with the Coronavirus as even the worst case scenarios mean that it will be a rare case when someone dies from it. My sympathies if you know someone who becomes symptomatic, but the odds are strong that you won’t.
I hope you’ll join me in my 16-week Coronavirus Business Recovery Plan!
I hope you’ll join me in my 16-week, Coronavirus Recovery Plan! Each week I’ll add another blog post on just that topic. I’ll let you know what my strategy is, and recommend some steps for you as well. Let’s start right now!
- Your PhotoMap. Do what I’ve done and find a picture of where you will be on July 10, 2020. Know that life will be calm and the crisis will have passed. We will have learned some things. Your business will be back on track. In fact, just as a year or two after the 2008 Great Recession, you may discover so much pent-up demand that you’ll wonder how you’ll handle all of it! Look at that picture every day. Visualize how good it will feel and know that each day you are one day closer.
- Dump the Negative News. Today, that unfortunately means following virtually no news outlets. Why would you? I guess it’s okay to subscribe to your email updates from your local paper. After all, I feel for people in Washington state and New York City, but their situations have nothing to do with mine living in a spacious compound in North Texas. Sure, Dallas and Fort Worth are in North Texas, so I want to know what’s going on there…and what our governor is doing. But do I need to know what’s going on in China or Italy…or New York City? I do not. I used to read a series of about 10 online sites first thing every morning. No longer. I get right to work developing great content (for you)and listen to soft music. And I’m loving it. If I read one publication, it’s the Wall Street Journal as I find them among the most objective in their health coverage, and I am intensely interested in the short- and long-term economic scenarios due to the Coronavirus.
- Never get any information from Google. Even Google (and Facebook, et. al.) have totally lost control of the scams, and false claims all over their sites. They’ll send you down a rabbit hole of terror faster than can you imagine. So will most of the cable networks, whether left-leaning or right-leaning.
- Exercise. Okay, probably not at the gym, but at home or outdoors. And go ahead and push yourself a little harder than normal.
- Watch your safety net. I’ve advocated for twenty years that you be vigilant about forever increasing your lines of credit and credit card limits…and hopefully not actually drawing on them! One Edge member reported just last week that she applied for a Wells Fargo credit card and was quickly approved for $18,000. She hopes not to need it, but she found out today that one of her rental units ($1,300/mo) came vacant…and will take time to re-lease. Also, as the federal government starts to offer programs for small businesses (tax deferrals, outright cash payments, and no-interest loans have been discussed) be prepared to jump on every one of them, whether you need them or not!
- The worst case is the least likely. Remember that any anxiety you might feel from time to time is not permanent. It’s not even real because, by definition, you’re likely imaging scenarios that are almost certainly not going to happen in the real world. I’m 66 years old, and thus “high risk” if were to contract the virus. That’s why I like to remind myself that even if 40% of Americans are eventually infected, and even if 20% of those experience symptoms, and even if 10% of those die…that’s a .4 x .2 x .1 or .008 risk factor for me. For the statistically challenged, that means there’s a 99.2% chance I WON’T die of the virus. I’m more at risk for a copperhead snake slithering into my yard and sinking his fangs into me.
- And lastly, I remind myself there is a 0.00% chance I will contract the Coronavirus if I don’t come into contact with someone who has it. In other words, don’t come knocking on my door just now!
I’ll have more specific business tips in our 16 week Coronavirus Recovery Program in the weeks ahead. Please feel free to share yours as well in the comments section.