We want to really be part of people’s space to help get them grounded, be a part of their journey forward in a really powerful way, an innovative way, and a way that drives success for them.” – Patrick Francey

 



 

Connect with REIN Canada

REIN Canada

CEO@reincanada.com

Facebook

Instagram

Twitter


Show Notes

[02:08] Patrick introduces this special edition of TEDM, along with REIN’s Chief Growth Officer JG Francoeur, to discuss the impact of COVID-19.

[04:10] Patrick and JG get together in response to hearing from the REIN community with an intention to discuss ideas, thought processes and offer some guidance from their perspective as business owners.

[06:04] Patrick shares his reality with his retail businesses in Edmonton and the financial pressure he feels.

[07:03] Two weeks in and from Patrick’s perspective we are just at the beginning with a long road ahead. There are two significant pieces to address: one is the emotional quotient - our mindset and fears; two is strategies.

[07:53] JG talks about the experience he and his wife have had in the last two weeks with their business in Ontario. As a skilled decision maker, JG feels the challenge with so many unprecedented perspectives and pressures to consider.

[09:32] Patrick shares what he’s observing both in people not taking the advisements seriously, while also feeling fear around the uncertainty of banks and government. The fact is none of us have ever been through something like this, we are all human and steps are being made in the right direction.

[12:53] Patrick shares the actions he is taking with liquidity being the top priority. In the absence of cash he is bringing down expenses, reaching out to the banks, suspending mortgage payments and freeing up capital with lines of credit.

[15:34] JG’s approach is keeping positive with his desired outcomes for his business while preparing for a potential reality of long-term closure and survival. Prepare to weather a serious storm if need be and if it doesn’t materialize you are still in a better position.

[17:00] Innovation is showing up in a big way across the board. A new normal has emerged and REIN is stepping up as a leader in innovation. The key for employers and business owners will be working together with their employees to step into the new reality and create new ways to do business.

[20:31] Employers and employees view things with different filters and realities. Figure out how to align and develop strong communication channels.

Embrace REIN’s COVID-19 Strategy acronym!
Care, Compassion, Control & Choices

Ownership, Opportunity & (Re)-Organization
Validate Information and Move with Velocity
Initiate Action & Innovate
Determination, Decisions

[22:38] In this environment it is impossible to make the perfect decision so take that off the table and relieve that pressure. Make the best call and decisions you can right now with information you have. Speed will be key right now so even choosing to postpone a decision while getting more information can be the best answer for right now.

[25:01] How deep the impact of COVID-19 will be on economic conditions are unknown but there are tactics in the face of such uncertainty. Manage emotionality – let go of what was, what was normal before is no longer; don’t look too far into the future and detach from the outcome. Know your intention is to step up, excel, grow, and embrace this time of adversity then let go of the outcome.

[27:30] Patrick’s daily practice: have time alone to get grounded and bring himself to present,