Perspective

Foresight keeps things in Perspective

COVID-19 is real, the consequences are real as all people and businesses are now directly impacted.

Negative consequences include: Death, suffering, stop in business, unemployment, loss of income, fear, anxiety, and uncertainty.

Positive consequences include: Leadership, ingenuity, increase in business, adjustments, resolve, additional family time, communication, and more recognition and focus on God.

COVID-19 has changed not only reality, but our perspective.

Hindsight is always 20/20. Of course there are Monday morning quarterbacks, if’s, should have’s and could have’s.

Foresight is much more powerful. Foresight is an agent of action, preparation, and anticipation. Many business owners have experienced similar chaos and turmoil to their business in the past. Others have recognized potential crisis without experiencing the crisis, while many excel in the intensity of new situations. Many have already planned for a situation just like today.

“All great changes are preceded by chaos.” – Deepak Chopra

The current pandemic has created an opportunity to see a bigger picture. There will always be those who only see obstacles, however many will see opportunity. “When the winds of change blow, some people build walls and others build windmills.” – Chinese Proverb

What has changed? Perspective

Perspective on time

Before COVID-19 everything around us seemingly moved at the speed of light. Our lives rarely paused for reflection, or rarely even paused.

After quarantine the world has been forced to slow down, even stop. One of my friends said, “the last five decades have really moved fast, the 80’s, 90’s, the 2000’s, 2010’s, and March…!”

Perspective on your business

Before COVID-19 your business may have seemed bullet-proof. Many businesses were on auto-pilot, the bull market continued to climb. Risks to the business seemed next to impossible, so rare they may have been ignored.

After? The current pandemic forces businesses to evaluate, adjust, plan and execute differently moving forward. Those with foresight will manage the risks of their business better. “When we are no longer able to change a situation, we are challenged to change ourselves.” Victor FrankL. For business owners, there is a better way.

Perspective on Captive insurance

Before COVID-19 critiques bemoaned insurance for business interruption, a plague, or supply chain interruption and other low frequency risks to their business.

After? Some will defer to their day after quarterbacking mentality, and identify obstacles to their business as it continues to run into walls. Others will ACT with new foresight as their new windmills are operating at full speed.

COVID-19 has confirmed my perspective personally and professionally. It has confirmed what is most important to me personally and professionally.

One example is a client who currently has insurance for a plague. The business has filed a claim and will be paid for the losses they have incurred from their own Captive insurance company. Additionally, in their own insurance companies they have surplus available to them. They showed great foresight by planning for this current situation, not knowing when or if it would come, or how long it would last.

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