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Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

Apr 7, 2020

In this week’s episode of “I'm a Millionaire. So Now What?” we’re going to talk about the elephant in the room. Covid-19.

 

Right now, most businesses/entrepreneurs are faced with mounting economic uncertainty – the likes of which they’ve probably never encountered before.

 

The stock market is a roller-coaster ride, unemployment is soaring, and stress and anxiety levels are sky-high.

 

No one’s playing down this pandemic and the impact it’s having globally. It’s a terribly sad situation. And one we’re all taking very seriously.

 

But, it’s also something over which we have no control. And that “lack of control” is what can send us into a tailspin.

 

You know what you can control, Self-Made Nation? How your business functions through this unprecedented event.

 

Listen in if you want to explore ways you can:

 

  • Take action.
  • Make changes.
  • Control the facets of the business that you have control over. 

 

Because this too shall pass! And there will dawn a new normal.

 

This episode was a tad bit uncomfortable to record. Some of these suggestions sound a bit counterintuitive. But one thing I’ve learned these past few weeks: one has to be prepared to pivot – even if it feels unseemly - when faced with an occurrence as bonkers as this Covid-19 pandemic.

 

No one wants to be seen as “capitalizing” on global chaos, but the reality is, there are ways you can make money during a recession. Let’s face it – we all need to keep making money or the entire economy will collapse!

 

  • Keep an eye on your client base – what do they need NOW that you can deliver?
  • Increase expenditures (hint: do what you can to keep your name front and center).
  • Find ways to change how your company operates (think dine-in restaurants now doing take-away).
  • Steal – legally! (No, really, this will make sense when you listen – and yes, it’s legal!).

 

To quote the brilliant business leader Cameron Herold (from whose book “Double Double” I’ve pulled the above tips), “When you have the word recession on your mind, it prevents you from thinking positively and focusing on growth—especially doubling your company in three years or less!”

 

There’s lots more from Cameron Herold in today’s podcast – he has no fear – he wouldn’t be as successful as he is if he did – and he goes all-in when it comes to what to do to stay afloat in times of crisis. I hope you enjoy it.

 

Listen to I'm A Millionaire! So Now What? on iTunes.