Economy post: What we should be doing NOW

Like everyone else in the world, this week, I’m thinking about what’s happening globally with the economy. I know people are scared. And I know some people are already making rash moves in an effort to protect themselves from what they fear could happen to them.

The other day, I caught Suze Orman on Oprah, and she gave five (six, actually, as her first tip was by far the best) tips for what we should all be doing right now. They were:

1. Don’t panic. Do not withdraw your money and hide it under your mattress
2. Make sure that your money is kept in one of the following places:
-- an FDIC insured account. You can check that by visiting myfdicinsurance.gov
-- a credit union insured by NCUA
-- Government backed bills or treasury bonds
3. Pay down debt. Do not be late on payments. As this crisis grows, lenders are likely to shrink/reduce the amount of available credit made to people. The better your credit, the less this will impact you
4. Buy health, and term (only term) life insurance
5. Continue to contribute to your retirement plan
6. Stop spending what you can’t afford

What I want to add is strictly about you and your Virtual Assistance practice. Here’s what I think we should all be doing right now:

1. Don’t panic (it’s really great advice!).
2. Don’t watch/read/listen the news if it upsets you and makes you worry. It’s not that I’m advocating sticking your head in the sand, exactly. But in reality, if it gives you anxiety, it’s not good for you. Look – you can’t do anything about what’s happening. You can’t make it better, you can’t make it worse, you can’t impact it one little bit. All you can control is what’s going on with you. And your focus, right now, needs to be on self-care, and business as usual.
3. Continue taking solid steps in the direction of your goals and dreams. Do not take your eye off the prize for even one second. This includes your business and personal goals/dreams.
4. Spend time doing more of what you love and what brings meaning to your life. Do not get caught up in the drama, and do not sit and stew over “what if.” Instead, go outside and ride bikes with your kids, or visit a local museum and look at beautiful art. Whatever reminds you that life is about more than money, do more of that.
5. Continue to show your clients what great value is in working with you. The power in this work is in the relationship, and now is a good time to show that in spades. Share this post with them if they’re worried. See what you can do to keep them focused on their own dreams and goals, and taking all the great steps toward them that they should be taking. If they seem to want to back up, urge them forward. Look for ways to help them more, not less. And while I'm on this topic of value...
6. Educate the public at every turn that Virtual Assistance is not about getting one-off tasks handled by the least expensive person who can do it. I mean it. Given what I've been seeing on Twitter and in blog posts, it's clear some people could almost get a trained chimp to do the work they're delegating to Bangalore, or get their research done for free by ChaCha. Let them know that you aren't just a little worker bee awaiting their every task, but a fully strong, capable, virtual professional standing ready to be a right hand--dealing with the tactical and strategic in ways no chimp, Bangalorean, or ChaCha guide ever could.
7. Spend time with people who are not letting the economy stand in their way. Nothing is better for the soul and the jangled nerves than being with a group of upbeat, confident, this-ain’t-gonna-stop-us people. If you don’t have a local network of these people, come find me on Twitter, and I’ll point out a bunch of them to you. Hang with us. See what’s being created, even now. In spite of now.
8. Maintain your standards; raise them, even. Don’t freak out and think that you suddenly have to work with anyone, just to make money. The more you want great clients, are open to having great clients, and take opportunities to connect with great clients (while continuing to grow yourself and your skills) the more great clients you’ll have. If one of the important pieces of “great client” for you is (and I actually suggest this be a standard ALL the time, not just now) that the client needs to be easily able to afford your fee long-term, then be open to finding great clients who can do that. You’ll end up hearing from far less of the ones who can’t. Oh, and introduce that topic in your interview/consultation process. It won’t hurt to be sure new clients are in a good place financially.
9. Reduce expenses (always good advice). Don’t spend—even in business--what you can’t afford. There’s no reason to become overly frugal, but consider if there are ways to do what you want to do for less money or no money. The less you spend, the more you keep, or have to invest in the retirement account you should continue investing in.
10. Be willing to be flexible. Your business is small and light. It (and you!) should be facile...quick. You don't have the bloat of larger organizations, so flexibility and change to take advantage of opportunity should be far easier for you. The more solid your standards, the more flexible you have room to be...to see opportunities around you that you couldn’t see before, or to connect with people you wouldn’t have connected with before and who can introduce you to a whole new world of possibilities. Float like a butterfly, sting like a bee, baby!
11. Step up your game. In times of plenty, people have a tendency to relax—sometimes too much. They get too comfy, and somewhat complacent. Unfortunately, what they’re doing is creating a vibration that will attract less, not more. Now is a good time to make sure that you’re really watching for opportunities, as mentioned above. Raise your game, raise your vibration, raise your attraction quotient.

And lastly, what might seem like a shameless plug, and is...but only partially. Hire a coach. Now, more than ever, you need someone on your side to both hold you accountable for what you say you most want, and to make sure that you aren’t going to head off in any direction that might be ultimately detrimental to your business. You can consider working with me—I have both coaching groups (at incredibly affordable fees!), and a few spaces in my practice available for 1:1 coaching. With me, you get peer and professional coaching—a rare combination.

If you don’t want to work with me, do work with someone. This is a lot to manage alone, and there's absolutely no reason to.

I hope this helps you (and your clients/friends if you choose to share it with them). If you think of other strategies we should be implementing now, I do hope you'll tell me about them by leaving a comment!

Comments

[Caroline]

Thank you so much for this posting. I plan to post a link to it on my own site today. As a fellow coach, and amusingly, a fellow Baltimorean (now living in LA), I am delighted to find a voice on the same page.

Please keep up the good work and keep in touch about the services and courses you are offering.

Best wishes!

[Kelly Williams]

Wow Stacy! This is just what i needed to read today. I've been working on getting outside my little business box over this past month and you've given me confirmation that I'm on the right track. This post was like having my own personal cheerleader!! Be flexible and float like a butterly, sting like a bee, baby! Take care.

[TorrentMasterOo]

THE BUZZ: It's so worth celebrating the long-awaited return of Lilo & Stitch co-directors Dean DeBlois & Chris Sanders to the animated world (though DeBlois did make Heima, a stellar documentary on the band Sigur Ros). DreamWorks Animation has been on a roll since Kung Fu Panda, and the fan reaction to Dragon's teaser art (located above) was strong, so I think we can expect a full-on marketing blitz, awkward promotional tie-ins included. For example: "Train your thirst at 7-11."

Director: Atom Egoyan фильмы бесплатно
Stars: Julianne Moore, Amanda Seyfried, Liam Neeson (Full Cast)
Studio: Sony Pictures Classics

The Plot: A doctor (Moore) hires an escort (Seyfried) to seduce her husband (Neeson), whom she suspects of cheating, though unforeseen desires place the family in danger.
Photos

THE BUZZ: Chloe is notable for many reasons: production was close to wrapping when Liam Neeson's wife, Natasha Richardson, passed away; Atom Egoyan hasn't flirted with potential mainstream success in over a decade; Amanda Seyfried needed to play an unsweeted character such as the titular Chloe. We hear the third act goes a little over the top (yay!) and that Julianne Moore owns the film, which is a remake of Coco Before Chanel writer-director Anne Fontaine's 2003 effort, Nathalie....