As we head into our 9th week of heavy restrictions and safety protocols, I remain cautiously optimistic after I was able to get a haircut Saturday with masks for me and my barber. The cities are trying to reopen, but it is still a time to be vigilant with our discipline and not throw caution to the wind. Please do not let your guard down and continue to set a good example for our families and friends on the importance of good safe practices and physical distancing. The race still has months to go before we will know the final outcomes.
It is very hard to see so many friends who are not able to work. We are faring far better than most. TD had a slow financial start through March, and it appears that the next 3 months will be tougher. Then we should begin to improve our current financial results and grow again. Your company has been preparing for this challenge since the difficult period of 1989 that almost put us out of business. We’ve been able to do this by remaining focused on the long game, and constantly looking for ways to improve via Continuous Aggressive Improvement (4th C). TD has always taken a long-term view by investing in the future when times are good. We keep cash reserves up for a storm like the pandemic that we find ourselves in.
We are blessed with a strong culture of employee-owners that work hard every day to live by our core values. These values guide our decisions, especially the most difficult ones that impact Partners and their families. It is painful for all involved, and the worst day for any supervisor is to have to tell a Partner that we do not have enough work for you. We are fighting each day for every project and order to keep our people working. Our current projections reflect an overall revenue reduction in 2020 of around 10%. One team is shrinking painfully, others only slightly, yet still some teams growing and needing help and talent transfers. In total, our diversity is helping provide options to many who can travel or move.
A quick update on the hard data: we have only 4 confirmed positive cases and none have been severe. The number of Partners in self-quarantine is declining due to new CDC guidelines and mandatory face covers. I know that masks are a hassle and distracting, but it is our new normal for the near-term future. Thank you for continuing to adapt to keep us working safely.
My weekly calls to front-line Partners and Supervisors, and the stories that they share of Partners helping Partners, continue to inspire me through this stressful time. Your pictures and videos on our Facebook group are very uplifting. Encouraging and supporting each other enables all of us to better handle the stress of the pandemic. We can boost this support even more by replacing worry with prayer.
I am preparing for our annual Shareholder meeting this week for our employee-owners. We will be broadcasting to everyone this Thursday morning at 7:45am CST. You are all welcome and hope that you can arrange with your supervisor to dial in and watch or listen. They are usually only about 30 minutes long, and important information is always shared.
All of you are in my daily prayers for safety and good health. We will get through this test---by the strength of our collective Partnership and support of each other. Please continue to "Live by Faith and Not by Fear." Thank you for all that you do to support each other and our customers. Let’s all go out and make it a great day for someone else!
Sincerely,
Harold
