Apr 1, 2020
Welcome to part two of our cracking double header week – it’s The 4 AM Report!
With Covid-19 gallivanting around the world causing no amount of uncertainty and economic chaos, we’re shifting gears here and being proactive with our content!
This week we’ve brought you two brilliant financial minds to share their thoughts for business owner and entrepreneurs on staying fiscally solvent throughout this crazy crisis! If you missed part one, you can check it out here.
Today’s guest is Colleen O'Connell-Campbell, lead of O'Connell-Campbell Wealth Management at RBC Dominion securities. We’re talking about:
🌟 The importance of communicating with your financial advisor directly in times like these.
🌟 How to step away from things you can’t control, and focus on what you CAN.
🌟 Why it’s never been more important to be able to adapt and pivot quickly.
🌟 And how to ensure decisions aren’t driven by fear or panic (or BOTH!).
So grab a beverage and have a listen. Then let us know what you think!
And if you’re more of a ‘skimmer,’ scroll down for some snippets from the podcast.
Consider the Source
“Most people recognize right now that there's not a lot they can do if they've got a long-term portfolio, but they're scared. And there is uncertainty. And, you know, it's the health scare and you know, like the ripple effect of the day to day changes and health and it's just everything. It's very, very, very overwhelming. And you know, I'm not immune to it myself. I mean, I am just like my clients. I'm just like everyone else, even though I'm also giving financial advice. So, the approach that I've taken is, I've said to myself, what do I need? What do I want to hear? And essentially what I need to know are the real facts, and getting them from, you know, reliable and sound sources. Like, go right to your major financial institution, don't go to your friend down the street, go right to your financial advisor and talk to them. Find out how this changes your plan, or does it change your plan? I got on top of it right away that first week we had quite a bit of turmoil in the stock market. My outreach has been about you know, relating on a very personal level, and then let's, let's keep calm and make informed decisions if we do make changes.”
Draw Deep from Your Genius Pool
“You know, we all started somewhere, putting one sock on at a time and then likely bootstrapping our business. It's resilience, and it's looking back to some of the things that we needed to do when we were in startup mode. We are creative, and we find solutions to things. Right now, we're like stuck in the mud, it feels like quicksand. But I truly, truly believe that we're ingenious. And we are going to, we are going to get through it. In the meantime, we need to keep our, you know, our mental state healthy. And that's, you know, also maybe stepping away from the things you can't control and looking at the things that you can control. If you sit and watch the media all day long, I mean, you're watching what you have no control over. Right? You're just you're watching it happen to you. And as business owners, let's face it, day in and day out we're making decisions. And those decisions are things that you can control. Let's look at our businesses and let's look at the things that we can control.”
Keep Your Eye on the Money Prize
“I think you know, one thing - as a business owner and even as an individual is to take a deep breath and look at the numbers. And, you know, I would say that if you look at your numbers, and you're really, really worried and even if you're not really, really worried, like, if you think you're good, it's also absolutely a great time to be reaching out to all your suppliers, your financial institutions, whatever and having a conversation. Like, don't put your head in the sand and worry that because you don't have control over worry. Look at your numbers, inform yourself and inform the people around you. Because everybody's in this together right now, right? Look at where your liquidity is. Because things are unknown. So, where can you access cash to keep things moving along, whether it's your payroll, or, you know, other obligations that you have. Or, should you be using that liquidity to double down on strategies that are really needed right now serve your audience - really needed right now and are actually going to help you grow your business. And, you know, for some people that might leave a bit of a sour taste, but if you've got something of value that is going to help somebody else right now, then, you know, step up to the plate and be a leader and put it out there to help everyone else move forward.”
We hope you enjoyed our special two-parter offering “financial business advice during a pandemic” ( Ok, just WRITING those words was so surreal!) – for more from Colleen check out the entire podcast!
And get yourself over to Apple Podcasts and subscribe to us – you won't regret it!
Plus, if you're losing sleep over a particular marketing/business related problem during this Covid-19 economic uncertainty, or if you have a guest idea on the topic, let us know. Drop us a line at C+P Digital.
And as always, sweet dreams…well, hopefully!
Colleen O'Connell-Campbell, lead of O'Connell-Campbell Wealth Management at RBC Dominion Securities, specializes in building and strategizing financial plans that optimize how entrepreneurs, self-made millionaires, & wealthy families spend save, and share their wealth. She publishes a weekly blog and speaks regularly as an expert in areas relating to wealth management and entrepreneurship.