Almost every aspect of our lives is radically different than it was a week ago. On this show, I’m going to address a common mistake I see people making when they are responding to the COVID 19 crisis. That mistake is making decisions from a place of panic and not thinking about the big picture. 

I want to introduce a new way of thinking about the current circumstances, and this concept is called the Stockdale Paradox. This term was coined by Jim Collins who wrote a book called Good to Great, and he found in a multi-year study of large corporations that those who adopted the Stockdale Paradox drastically outperformed their competitors. 

The Stockdale Paradox is a mindset that tries to do two contradictory things at once: 

• Confront the most brutal facts of your present reality
• Maintain hope that you will succeed in the end. 

If we can learn to do this, not only will we get through this crisis, but we will be able to succeed in ANY environment. 

Here are three practical ways that you can confront the brutal facts of COVID 19.

• Take some time to reflect and consider what’s working and not working in your business. 
• Figure out a plan to generate revenue in the short term. Make a plan to ensure that your basic needs are covered.
• Take care of yourself and recognize you may need extra rest and self-care in the coming weeks.

Here are three ways you can demonstrate unwavering hope in your long-term success and position yourself well to come out of the crisis.

• Ramp down, don’t tap out. Resist the urge to put your business on pause. 
• Work on your business instead of in your business during the slow season.
• Take the opportunity to build relationships and create goodwill with your customers and industry.

Links & References

Good to Great, Jim Collins 

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