Over the past few weeks, my focus has been on individuals working through our anxiety at this time. But today, I want to talk specifically to the business owners, freelancers, gig economy workers and independent contractors who are among the first wave to be financially destabilized.
The conversations I've been having with people over the past two weeks -- which are clearly destined to continue -- have been organized around the following five objectives:
Inventory - Do an inventory of what you have, starting with your liquid assets and all of your bills. Prioritize your bills. What can't you cut at all? What can you cut immediately? And what goes into the in-between of 'I'd rather not cut it, so I'll keep it for now and cut it later if I have to' category? And just because you can't cut something, doesn't mean you can't renegotiate. Can you reach out to your landlord? Have you turned off any auto-payments that aren't absolutely essential?
Resources - Friends and family, are obviously a start, but local organizations that you are a part of as well. If you are a digital professional, what online haunts can you find to chat with people about possibly projects? Don't be afraid to volunteer in the meantime, if you can't work. It'll help with your networking, keep your mind occupied, and help grease the wheels for what comes next. And is your business eligible for a Payroll Protection Loan? Can you find someone to talk to at your bank to discuss it?
Regroup - The most important square foot of real estate is the one in your own head. What has this schedule done to your routine? Are you exercising? Meditating? Drinking? Painting your nails 4 times per week? Eating constantly? What can you change to make it work better for the next month? What small things can you do to help preserve your finances that will help with your peace of mind? And what projects have you been wanting to get to but haven't had the time or energy until now?
Reach for Grace - In her research, Brene Brown routinely comes back to the importance of gratitude in resiliency and the health of relationships -- both with ourselves and others. But it is a practice. And it is especially hard to find things to be grateful for when we are scared, anxious and our nerves are frayed. But that's when it is the most valuable. If you are stuck at home with too many people in too small a space, make a game out of it. If you are alone, try hand-writing letters -- even if you just take a picture and text them. And then breathe. Move your body. Talk to yourself like you'd talk to someone you love. Beware of judgement.
De-fang the Demons - I talked about this a bit in last week's episode of Grow or Die, but sometimes the most useful thing you can do to stop the anxiety is to talk through your worst case scenario, in detail, with someone you trust. More often than not, the worst case scenario feels overwhelming until you define it. And then, once articulated, it feels a LOT less scary. But if you leave it amorphous and unspecified, then it has a lot more power to haunt you, steal your sleep, corrode your peace of mind, and undermine your focus. Defining it usually takes away its power.
This all looks a bit different for each of us, but these five steps seem to be at the heart of every conversation I am having these days -- including the ones in my own head.
There are no two ways about it: another month of shut down is going to be economically devastating. Those of us who run small businesses are just on the bleeding edge right now. Larger, more 'stable' companies are going to be worse for wear by May 1st also. Right now we have no idea what a 'return to normal' even looks like, much less when we can really hope it will happen.
This is a 'put your own mask on before you try to help others' kind of moment. It's trying all of us. And we are all showing signs differently. Not in my lifetime have I ever been more aware of it being so important for so many people to deal with each of our own headspace carefully, deliberately and diligently with such urgency. Only then, can we take on the rest.
