The last 2 weeks have been absolutely trying. As the world begins to cope and respond to the Coronavirus, many entrepreneurs are just now coming to grips with how this will impact their business. As you do this, I want to remind you that as the leader of your company, you have to balance the reality of what is with what is irrational. I have spoken with a few entrepreneurs and I am again reminded of the strength and grit that is commonplace among entrepreneurs; but I am also a reminder that they are human. In this time of immense uncertainty, it is easy to allow your thoughts to spin out of control.
About a month ago, I was able to attend a Happiness Workshop that was developed by an amazingly smart lady, Bright Dickson at the BB&T Leadership Institute. I don’t really talk much about my “day job”, but I am extremely proud to work for a company that invests in their employees by seriously talking about what Happiness really is. Among other things, this workshop gave a name to the negative thought death spiral that I sometimes indulge in. CATASTROPHIZING.
Here is a real example of catastrophizing, maybe you can relate (or at least you can laugh). All you need to know for this is that I have a client, that a few years ago was being courted by another bank.
One day I got a text from this client. All it said was “Hey G -give me a call when u can”. That is all it took for my mind to take off like Seabiscuit at the Preakness.
… Oh man, I wonder what he wants to talk about
… I bet 1st National Bank of Trust delivered their term sheet. I have already given them the best deal I can.
… I bet he is calling to let me know he is going with them and I am going to lose him as a client
… oh man, if I lose them as a client, then how am I going to make my goals
… If I can’t make my goals, then I am going to be in trouble and be put on a performance review
… oh man, then I am going to be under pressure to get new business and I am going to appear desperate
… If I am desperate, then I won’t get new business
… If I don’t get new business then I am going to lose my job
… If I lose my job then I will not be able to pay my mortgage
… Then I will lose my house and probably be divorced
… Then I will end up living in a van down by the river
Holy cow! How do I go from “Hey G -give me a call when u can” to living in a van down by the river?
In a word – CATASTROPHIZING
So, what is catastrophizing?
Catastrophizing is irrational, worst-case scenario thinking that prevents purposeful action. It is NOT contingency planning; but rather an out of control suspension of rational thought; replaced by crippling fear. This obviously has a negative impact not only on the individual, but also the team that is being led by the catastrophizer.
So, what do you do about it? How do you stop it? How can you shake yourself free from this mental arm-bar? I’m so glad you asked:
1. Name it. Now that you know that this type of thinking has a name, you can call it out and begin to take away its power.
2. Describe what caused you to catastrophize. Write down in exact detail the course of events that triggered the internal dialog of death. For me it would be: A valuable client that I know is talking to another bank sent me a vague text, to call them back.
3. Write down the catastrophizing thoughts and the emotions that they evoke. Getting these thoughts and the corresponding emotions out of your head and on paper does a few magical things. 1 – it allows you to see the silliness of the chain of logic that leads from a vague text to living in a van down by the river. 2 – it provides a consolidated list of your thoughts and emotions, thereby preventing those thoughts/ emotions from just swirling around in your head in a feeding frenzy of negativity. You can see my thought process above – the emotions that the thoughts would evoke are: scared, anxious, prideful, fear, pissed, panicked.
4. Shake yourself loose by RADICALLY turning the scenario around and make the situation over the top POSITIVE. You have written on paper a downward mental track (and emotions) now we are going to completely flip the script and write down the polar opposites of those thoughts (don’t forget the emotions). This is not reality, but then again, ending up in a van down by the river is not reality. The point is to combat the unrealistic negative thoughts with just as powerful positive thoughts. Here is what it looks like for me:
… “Hey G -give me a call when u can”
… Oh man, I wonder what he wants to talk about
… I bet he met with the other bank and he sees what a value I am to him and his business.
… He is probably calling to tell me that and to say that he is not going with the other bank, in fact he is going to let me refinance the equipment that we have been talking about.
… Then I will finally be able to get introduced to his networking group and he will give me a glowing endorsement
… I will then be able to help all of them and with all those new loans and deposits, I will not only hit my goals, I will probably be the best in the bank
… Then the editor of American Banker is going to know who I am and will want to do a cover story about how to really serve your clients and succeed as a banker
… Then I will become famous all over the world and have all these speaking engagements
… Which will allow me to meet the leader of Fiji, who will offer me my own private island (to include mansion and state sponsored staff) for a 2-week consulting gig on how to grow their economy
… Then the family and I will live in paradise for ever.
Emotions: joy, peace, happiness, contentment, security, pride (hmmm this showed up on both lists – maybe I need to work on that), elation, satisfaction.
5. Determine what is most likely to happen. Now that you have jumped off the train to negative town, you can think clearly about what is most likely to happen. For me it was: Ok, he probably met with the other bank and wants to talk about their offer.
6. Plan for the most likely to happen.Once you have an idea of what is most likely to happen you can begin to plan. This is also known as contingency planning. You now have the ability to play through different scenarios that can play out and think through your reaction and response. This is how it played out for me: From what I have heard from other clients, I know that the other bank offers a really low rate, but for only 36 months. I can prepare the comparison and financial benefits of my structure compared to this one. Then I can defend my position with facts and math, not emotion and bait and switch tactics.
As you are looking at the current state of affairs and how your business will be impacted by the Coronavirus, make sure you are contingency planning, not catastrophizing. Not only will your mind and your business thank you, but the team that you are leading will as well. One of the best-known facts about leadership is that your followers will pick up on the emotions and beliefs of their leader. By not allowing yourself to catastrophize, you will give your team a bit of confidence in this chaotic world.
Being an entrepreneur is one of the most difficult and demanding things you can do. The good news is that entrepreneurship today is a team sport. Hit the connect button on LinkedIn or Facebook NOW and together we will work towards hitting your 10-year target. Along the way we will increase your profit, strengthen your leadership skills and transform your banking relationship into a strategic partnership. This will lead to confidence in your path, freedom to dream up bigger targets and a business that is enjoyable to own. When we connect, tell me if you have every catastrophized.
Greg Martin is an entrepreneur’s insider to the banking industry and passionately believes that every person was uniquely designed for a higher purpose and calling. Greg guides entrepreneurs in defining and achieving their purpose and calling. His deepest passion is living life with his wife and their wonderful son.
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