I think we are all watching the numbers of cases of Covid-19 spread and the impact it has on the economy and our own businesses and wondering:“What’s next?”.
The short answer is – none of us really know what will happen next, nor do we know when this will end or when we can get back to whatever our new normal is. I do know that in talking to business owners, our clients, my CEO roundtable, and the Goldman Sachs 10k Small Business school is that we are all going through this together. Everyone is fighting the urge to panic – fear of the unknown and loss of control are very scary for business owners. Keep the Faith.
Everyone is scared. Scared for the health and safety of their employees and their families. Scared about how long this will last. Scared about what kind of economic impact this will have to their business. Scared that they will not be able to pay their employees or keep their doors open.
Everyone is looking for answers. If you don’t have your CPA on speed dial and haven’t hit their inbox with a million and one questions, it’s never too late to start. With so many different proposals, SBA (Small Business Association) solutions, and legislation coming out of Congress, we might not have all of the answers we need right now, but these resources can guide you on furlough v layoff, grappling with paid vacation and family medical leave, and all of the other options to consider. And if your CPA isn’t giving you solution-based advice, let me know, and I can recommend a firm that will take care of you.
There are a ton of resources out there for you to consider:
SBA Disaster Recovery Loan
Small Business Guidance
Peer Group – get on a video conference call with your peers and advisors so that you can get the feedback you need to make decisions on what your next steps need to be.
If you are having trouble transitioning to a work-from-home model for your business and need technical support or equipment, talk to your IT company for the logistics. If you need some strategic brainstorming and want to get ideas for how to prepare your business now for how you can grow after this is over, let’s jump into a virtual meeting and focus on something positive.
It would be great if there was a specific end date so we would know exactly how long this will last. Although I don’t know when it will end, I think I do know what this will look like after it ends. Think back to how our country rebounded after 9/11. Baseball stadiums were packed. Flags were in every yard. Football games were standing-room-only. People were kind and patient with each other. Patriotism was at an all-time high.
The difference now is that all humans are in this together. This isn’t a Southern hurricane crisis or an American terrorist attack. This is a global pandemic that has affected every human being on the planet.
- I believe that our kindness and generosity will win.
- I believe there will be a ridiculous amount of hugging when we can again.
- I believe this time of forced slowdown might stick and cause us to not be as ‘busy’ in the future.
- I believe that the businesses that survive will be stronger and better because they had to adapt.
- I believe we are all in this together, and our connection is our strength, and our strength is our connection.
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