How to remain resilient in the face of COVID-19 ‘black swan’

As COVID-19 sees many of us confined to a home base, Caroline Stockmann suggests ways to boost personal resilience

Stating the obvious perhaps, but few of us outside of Asia and Africa will have witnessed anything with the current or potential impact of COVID-19.

We possibly all started out with a sense of disbelief and denial, but that is quickly disappearing as we witness the evolving situation around the world. People’s behaviours are changing – with stockpiling at one end of the scale and acts of great kindness at the other.

Now more than ever, we need to keep calm and think with a risk hat on. What might come next? How bad could it get? How can we mitigate the risk?

We need to think for ourselves, our families and for our businesses. It can be very stressful. So, possibly the most important question is: how can we remain resilient through this?

Stay connected

Let’s think about breaking the answer down and forming a checklist – something we can revisit as necessary:

• Read the advice, talk to people, and keep yourself and your loved ones as safe as possible in a physical sense. Work from home, wash hands, avoid unnecessary social contact – and keep doing those things.
• Think about what an extended lockdown period in your home might look like. Depending on your situation, you may foresee frustration if there are more than one of you living together – or isolation if you live on your own. What steps can you take to reduce that frustration – or loneliness?
• Plan for the ‘other side’ – and be ready for disappointments. I have had to cancel a number of things that were really special for me, including a trip to New York to take my husband to the Metropolitan Opera House. My daughter has had to return early from her year abroad in France. I hear of others being equally disappointed by various cancellations. We can try to think positively, however. A missed holiday when weighed against further spread of this virus is something we can put aside. And we can imagine and dream of opportunities in time.

All well and good, you might say, but what can we actually do to deal with 2 and 3? I have a few ideas around boosting personal resilience. Why not try:

1. Learning something new. Think about researching something, reading a new book or doing an online course. An Association of Corporate Treasurers (ACT) course would be an excellent use of time – and would add to your qualifications!

2. Being in the present. Try to focus on everything you are doing, in the moment.

3. Connecting with friends and family. Use technology to WhatsApp friends and FaceTime family. Indeed, use any means you have to stay connected. You might have some family sessions with board games or a movie night at home.

4. Giving to others. Think about helping others through this crisis, even if it’s just staying connected remotely.

5. Ensuring you keep active. Take some exercise – there are lots of things you can do inside or out in the park, depending on your circumstances. Plan activities to reduce the ‘cabin fever’ at home – joint gardening sessions or a spring clean. Taking control with positive action helps reduce feelings of helplessness.

Choose your mantra

Envision a positive future, coming out of this well having learnt some interesting lessons. And tell your mind the things it needs to know: “I can always do that another time; I’m happy I’m protecting myself but also other people; I have more time to do some of the things I’ve wanted to do for a while.”

Research shows visioning and mantras can have a positive impact on mood, as well as producing real results.

Do also have a listen to my podcasts. Some of the topics covered may be of help right now, and some will prepare you for when we all make a comeback and society starts to function in a less restricted way.

If we can take care of ourselves and keep sufficient reserves in terms of our own mental health during these difficult times, then not only will we make better decisions for our organisations, we’ll have a fighting chance of coming out the other side of this pandemic with a sense that we really did ourselves proud.

About the author

Caroline Stockmann is CEO of the ACT

This article was taken from The Treasurer magazine. For more great insights, log in to view the full issue or sign up for eAffiliate membership