Corona Virus… How will you be effected personally and in your business? Plan for the worst, hope for the best!

Hot off the presses:

The Federal Reserve made an emergency interest rate cut Tuesday, slashing the benchmark U.S. interest rate by half a percentage point, the biggest cut since the financial crisis.

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The U.S. central bank has not made an emergency move like this since late 2008, and Fed leaders said it was done to protect the U.S. economy and financial markets as the coronavirus spreads.

“We saw a risk to the outlook of the economy and we chose to act,” Fed Chair Jerome H. Powell said at a press conference shortly after the announcement.

The Fed’s action reduces the U.S. interest rate to just below 1.25 percent, down from 1.75 percent. Fed leaders voted unanimously in favor of the rate reduction. The highly unusual action comes on the heels of other central banks around the world lowering their interest rates and calls by President Trump for a “big” Fed rate cut.

FACTS: From the World Health Organization, ‘WHO’:

Coronaviruses are a large family of viruses which may cause illness in animals or humans. In humans, several coronaviruses are known to cause respiratory infections ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS). The most recently discovered coronavirus causes coronavirus disease COVID-19.

Should I worry about Covid 19?

If you are not in an area where COVID-19 is spreading, or if you have not travelled from one of those areas or have not been in close contact with someone who has and is feeling unwell, your chances of getting it are currently low.

If you are in an area where there is an outbreak of COVID-19 you need to take the risk of infection seriously. Follow the advice issued by national and local health authorities.

1. Stay calm and committed to being of service. Be the leader in your community. This must be your mindset when disaster strikes your area.

2. Put your own oxygen mask on first. What is YOUR plan to deal with disaster? A ‘go-bag’, water, emergency plan for picking kids up at school, where you’ll board your pets if necessary, medication bag, etc. Financially, if you don’t already have a 6-month reserve, set that as a goal immediately. Have a plan. If you don’t take care of yourself first, how will you help everyone else?

Where do you go if there’s a threat to your area? Hurricane shelters, fire paths, evacuation centers. Area hospital phone numbers, local contact organizations, the Red Cross…what’s the right plan for your area?

3. Create a local Facebook page: “Facts about CoronaVirus” or “We survived the Puerto Rico Earthquake” whatever makes sense for your area. Know how to create a page quickly so people can access critical details and connect with your community and their families easily via their cell phones.

4. Dedicate the days and weeks after disaster to urgent, caring outreach. This applies to your family, your past clients, your neighbors and anyone you can help. Be the one who cares and be committed to doing what it takes. Phone calls are most efficient but phones may be down, so load your car up with water and cookies or subway sandwiches and make your rounds.

5. When you do your outreach provide a list of recommended service providers. Again, HARD COPY is best. This should include repair people like roofers and carpenters but also insurance company quick contact numbers, FEMA, Red Cross, emergency pet rescuers, etc. If you can get discounts from your service people, see if they’ll pass along to your own past clients, neighbors, etc. Help people out in their time of need! You’re helping the service people as well as those who use them!

6. After things settle, do a second round of communication to be sure everyone is now ok and continue to be of service as previously mentioned. This is a great opportunity for you to use the FORD (Family, Occupation, Recreation, Dreams) ‘script’ to re-connect.

7. Always ask, ‘who else do you know who could use my help?’ Do this throughout the process. Don’t worry about ‘when do you plan to move’…don’t be tacky. They’ll remember that you were there during stressful times and referrals WILL come. This is important work to take seriously. If you’re not helping, someone else is! Be the one everyone knows they can count on.

Also read: Podcast: How to Transition from Part Time Dabbler to Full Time Rock Star (Part 2), Podcast: A Great New Source For Highly-Motivated Seller Leads), Home Prices Expected to Rise +5.3% by November 2020

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