By James Krech, Audit Senior
It’s no surprise we are currently experiencing unprecedented, uncertain, and unnerving times. As business owners, executives, and managers, your first priority could be tending to the business, identifying all the hardships that are currently present or that could arise in the near future, and making some hard decisions as to how to weather the storm. This response is certainly crucial to ensure the wellbeing and future success of the company and your employees, and there are many opportunities available for you to explore, which we will get into shortly. However, there is something just as equally important as supporting your company, if not more so, and that is caring for yourself.
While checking in on how you are doing may not directly address the issues your company and peers may be facing, ignoring the heavy emotional and physical tolls that affect you will negatively impact your wellbeing and, inevitably, your business. So how do we support our businesses, our peers, and ourselves?
To support your business:
1. Keep the company mission and long-term goals front and center.
The crisis you are facing currently could be placing a significant financial toll on your business. However, remember that as other pandemics have ended, the COVID-19 pandemic will end as well. Try to set your focus and mindset to a future where this is all behind us, and continue to keep your long-term goals in mind.
2. Do not rush to change everything, but take advantage of all opportunities.
Keeping step 1 in mind, look for any opportunities that may ease the financial burden the crisis has brought to you and your business. The CARES Act, provides several financial opportunities to help navigate this time, such as the Paycheck Protection Program, which offers loan and grant programs for small businesses to cover payroll and overhead expenses, with most or all of the loan being forgivable; tax deadline extensions; and stimulus checks for individuals/families, to name a few. For more information, please use the resources below, or contact your ASL team member to help navigate through these options.
- ASL COVID-19 and Tax Changes
- COVID-19 Payroll Tax Credits
- CA Resources for Businesses and Employers
- California State Treasurer’s Small Business Resource List
To support yourself and your peers:
1. Take care of yourself, mentally and physically. Stay positive.
Eat healthy, exercise, get plenty of sleep, and enjoy your hobbies (even the new ones you have yet to discover in these circumstances!). Stay in touch with family, friends, and loved ones via phone calls or video calls, and lean on those around you. While circumstances might change from person to person, we are all facing the COVID-19 pandemic together. Also, stay positive. While it is much easier to dwell on the negatives around us, look for the positives in your life, even if the current situation has led to some of those events. For example, I became a father to a baby boy in late January 2020, and as a result of the ‘shelter in place’ order, I am able to be home for all the moments I would have otherwise missed out on. While the circumstances are unfortunate, I cherish the moments I now have watching him grow up every day.
All these steps are things we might already know in the back of our minds, but they are paramount to our overall wellbeing during this time.
2. Help others
These circumstances present a great opportunity to help not just those inside your company, but also the community around you. Look to make a positive impact on your community, financially or not, in whatever way you can. Finances may not allow any monetary benefits, but you can make new connections, strengthen existing connections, or just let someone in the community know you are there for them and you support them.
We are all people at the end of the day, and we are all in this situation together. Let’s take care of what truly matters most. Please contact our COVID-19 Resource Team if you have any questions.