By Tom Sponsel, CPA/ABV, CFF
Managing Partner
[email protected]
In the midst of this crisis, it’s all too easy to grow overwhelmed and lose sight of the long-term vision for your company. You may find yourself in that predicament now, amid the COVID-19 pandemic. But you have to rise above your anxiety and push forward as a leader. Your employees and their families, customers, and vendors are counting on YOU!
Stay confident. Part of leading a company is putting on a poker face during difficult times. It will rub off on employees and stakeholders, thus boosting morale and keeping the business up and running. Pessimism won’t get you anywhere. There’s more power in positive thinking. Confidence with an assertive attitude toward action can be contagious.
Be empathetic. Your employees and stakeholders are depending on you as a source of comfort and support right now. Be cognizant of their new normal. For example, some may be working from home and simultaneously caring for children. Young, single employees may feel like they are in a lonely silo and yearning for socialization! An effective leader anticipates their challenges and offers supplemental support — you must be flexible to their diverse needs.
Consider the community. Support your broader community to the extent you are able and be respectful of the CDC’s Social Distancing guidelines. Provide financial assistance to organizations feeding those who are food deprived. Check in on an elderly neighbor and see if they need assistance in some manner.
Be realistic. Hope for the best but prepare for the worst. Although you need to move toward the light at the end of the tunnel, it’s important to examine what’s lurking in the darkness. Here at Sponsel CPA Group, we’re staying tuned to COVID-19-related economic impacts and compiling the information in our COVID-19 Resource Center. Staying informed is the best line of defense against a crisis like this. As you prepare for the negative impacts to your business, plan for your solutions to those challenges. Monitor your cash flow and revise your budgets for the changing economic environment. Don’t assume your vendors and customers are in the same shape as you — they may be in worse shape! You MUST be proactive in facilitating your business’s survival in this unprecedented period during which a health crisis has been the source of an economic crisis. Four weeks ago, we would have never envisioned what we are living through today!
We’re definitely in the midst of a tough time. Hang in there, hold your chin up high and keep your eyes focused on the future of your business in recovery — it may take longer than you wish!
We are here to help you, so please reach out to any of our Partners and team members to assist you in your time of need.