Mar. 20, 2020

ANGUS WATT ADVISORY GROUP’S 7 FACTS TO KEEP IN MIND

  • We always survive a crisis.
  • The world is fighting a war to slow the spread of the virus.
  • Central banks around the world are committed to providing support.
  • All nations are committed to stimulate their national economies.
  • CEO’s ‘animal spirits’ will drive business opportunities.
  • Consumers always surprise us to the upside.
  • This global experience is a game changer for the adaptation of technology and health care.

OUR TELEPHONE CALL WITH LOUIS VACHON, PRESIDENT NATIONAL BANK OF CANADA, MARCH 20, 2020 9:15 AM

  • This virus will impact everyone, but not evenly.
  • This shock will have an estimated one-time impact of 10% on GDP. Monetary and fiscal policy is absorbing most of this disruption.
  • Lock downs will likely last 8 to10 weeks.
  • There will be a risk of a second wave of the virus in the fall.
  • This is a ‘disruption’ of economic activity, not a ‘destruction’.
  • Canadian banking industry is much stronger than in 2008. Liquidity is not a problem. Not expecting any banks to cut dividends. Unlikely to see negative interest rates in North America, as they have not worked in the past.
  • Corporations are drawing down on their credit lines but are redepositing the funds.
  • There is geo-economic warfare against Canada’s oil and gas industry, look for major government support.
  • What have we have learned?
    • We can work from home
    • Look for the federal government to demand industries to test work from home capabilities annually
    • US relationships with the rest of the world are tenuous and hindering global responses

TIPS FOR WORKING FROM HOME…A BRAVE NEW WORLD FOR MOST OF US

  • Get dressed in real clothes: this will help create a boundary between work and play.
  • Maintain your routine: get up at the same time, get dressed for work, shave, make-up, all those regular things we do each day when coming in to the office.
  • Create a ritual that starts and ends your workday to take the place of your commuting ritual. This will help create a buffer around your work day.
  • Build a work space: When not working, avoid it if possible.
  • Overcome a tight space: When you and your significant other are both working from home, create separate work areas for each of you.
  • If you are facing a surge in team communication: schedule a communication time and time block for your quiet time.
  • Manage the kids: make a schedule so that your kids know when you are working. Make sure they know when they can’t open a closed door or interrupt a call. Set an alarm so they know when they can come in.
  • Avoid isolation: reach out to colleagues, try having a virtual coffee together.
  • Don’t overwork: resist the temptation to work extra hours just because your office is at home.