March 25, 2020
Episode #85 – In it to Win it Together – A Special COVID-19 TEDM with Patrick Francey & JG Francoeur
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
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- 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, then also surround himself (at a safe social distance virtually!) with a great team and community. Social distancing doesn’t mean social isolation.
- [29:01] Support. JG too, upped the support around him right away. Reaching out to his business team, coaches and mentors, spending more time with his wife and family; getting closer, not farther apart. Reach out and connect to your tribes and your community.
- [31:02] REIN is committed to support the member community, with new ideas and announcements, to model leadership in innovation and host a platform for the incredible knowledge sharing that exists within the community.
- [32:34] A hot tip shared by JG Francoeur from one of his coaches to keep yourself grounded in the present: sing out loud! Patrick also shares the psychology behind that tactic. Oh and wait, is this a new REIN Member Meeting segment?!
- [36:38] Opportunities do and will exist as a result of these changing times, but it is never about taking advantage of or it being at the expense of others’ misfortunes. It is about opportunities to elevate our game, increase innovation and support one another. Keep grounded in care and communication.
- [39:01] Stay tuned for more from REIN on how the process of innovation works and how to collaborate with the people around you in your business.
- [40:29] Keep connected with REIN for support along this journey and know there is much more to come. #inittowinittogether.
