Without question, the United States of America and countries around the globe face tremendous pressure to withstand the seemingly inevitable economic threat posed by COVID-19.
Business leaders must ask themselves: Where do we, our company and the State of North Carolina stand, and what needs to happen going forward?
The fear across our state and nation is palpable. We live under uncertain government actions, disheartening media coverage and overwhelming financial difficulties — and that fear is understandable. According to an NPR/Marist poll conducted last Thursday and Friday, nearly one in five (18 percent) households already reported someone being laid off or having hours reduced because of the coronavirus outbreak, with women hit harder (21 percent) than men (16 percent), and people who earn less than $50,000 hit harder (25 percent) than those earning $50,000 or more (14 percent).
But amongst the dread of something going awry and the sense of being out of control, the opportunity for real leadership arises.
Monetary efforts to combat this pandemic are already on display, nationally and locally. Bank of America has pledged $100 million for relief. Truist Financial Corp., the result of the BB&T/Sun Trust merger, has pledged $25 million, and will be giving $3 million to local United Way organizations. Facebook is giving employees an extra $1,000 and plans to provide $100 million in cash and advertising credits to small businesses. The City of Winston-Salem will be donating $1 million to local nonprofits, and Carolina Panthers owner David Tepper has made a $1 million donation straight to Charlotte-area hospitals.
Medical advancements are being made daily. A French study found an anti-malarial and antibiotic combo that could reduce COVID-19 duration. Our local universities, Duke and UNC, are currently working on possible vaccines and cures that hold much promise, and others have announced progress on testing.
The energy on the ground to combat this pandemic is encouraging — a true display of faith and resiliency. The unfortunate reality, however, is that shutdowns across the country mean millions of small and mid-sized firms are under threat of closure. A Goldman Sachs survey found that 51 percent of small business owners say their business will only be able to continue to operate for 0-3 months.
There is a distinct balance between mandated action to reduce the spread of this virus and minimizing economic pain. Each decision made by officials carries implications far greater than perhaps understood. Overreactions that restrict the hands of businesses looking to solve issues may only make the situation worse and prolong economic distress.
We stand with President Trump and Governor Cooper in their call to “flatten the curve” for a 15-day period. Afterwards, however, the shackles on businesses and our battle tested American resiliency must be released. Now is the time for strong collaboration between the public and private sector. Executive orders and policy must incorporate the valuable knowledge of the business community. As stated by James Freeman in the Wall Street Journal on Friday, “The magic of the markets and the can-do spirit of Americans can solve many problems if only we will liberate them.”
There is still hope among Americans — a majority approve of the White House’s management of this crisis, and a strong majority trust what they hear from their state and local governments. That said, there is an urgent call for leadership during these truly trying times. Today is a new opportunity. Let each of us lead with the hopes for what is not yet visible. Let us rely on the friendships we cherish. Let us show the faith we have in each other and the resiliency of our great country, America.
We’re standing with each of you in this time.
Chuck Fuller is the president of The Results Company, the Raleigh-based consulting business he founded in 1992. Fuller has more than 30 years of experience in managing people and resources. The Results Company creates winning communications and outreach strategies for businesses and organizations at the local, state and federal levels. This column was originally written for an e-newsletter The Results Company produces for state business leaders.