(This infor­ma­tion is accu­rate as of March 13th 2020.)
Just when we think the world can’t move any faster, it does. Like many of you, my thoughts and actions around the coro­n­avirus (COVID-19) have changed rapid­ly in the last 48 hours. It feels almost as if life itself may nev­er be the same, and if you are watch­ing the news, it seems like a certainty.

How­ev­er, we’ve felt this before, and we will feel it again. All we can do in this moment is con­trol and man­age our­selves, which is quite a lot. Now is not the time for a fear-based reac­tion, but a time for con­scious action. My first word of advice to us all, is to breathe… but maybe not in a crowd­ed room.

To help us busi­ness own­ers stay as far away from fear-based deci­sions as pos­si­ble it is crit­i­cal we ensure our loved ones are min­i­miz­ing their risk of expo­sure and we’re all doing our part to min­i­mize the risk of expo­sure to those most vul­ner­a­ble. It is also vital to be knowl­edge­able on what you can do to pre­pare your work­place for COVID-19

How long this will be the new nor­mal no one can say, but there are some things that are certain:

  1. Some insti­tu­tions will flour­ish amidst the chaos and fear
  2. Some insti­tu­tions will fun­da­men­tal­ly alter the way they do busi­ness and serve customers
  3. Some insti­tu­tions will fail

Our team gath­ered togeth­er to come up with our ideas on how your busi­ness can weath­er this storm and come out stronger on the oth­er side.

  • Com­mu­ni­cate. Com­mu­ni­cate with your clients. Com­mu­ni­cate with your employ­ees. Com­mu­ni­cate with your ven­dors. Com­mu­ni­cate with your trust­ed advi­sors. Com­mu­ni­cate until some­one tells you to pipe down. In times of uncer­tain­ty the best thing we can do to stay ground­ed and con­nect­ed is com­mu­ni­cate freely.
  • Plan. Don’t wait and see. Get on a Zoom call or Google Hang­out or GoToMeet­ing with your team and sketch out a plan. It doesn’t have to be pret­ty and it doesn’t have to be detailed, but it needs to get you all singing from the same hym­nal. We will all need to accel­er­ate the rate at which we make deci­sions. Plan­ning will be crit­i­cal to mak­ing the best deci­sions possible.
  • Think out­side the box. Neces­si­ty is the moth­er of inven­tion. If you are one of those peo­ple who find your­self say­ing “this is how we’ve always done it”, this is your time. Stay open to pos­si­bil­i­ty and iter­ate as you can. You most like­ly will find a bet­ter, more effi­cient and more effec­tive way of work­ing if you let yourself.
  • Become a Futur­ist. As peo­ple work and take class­es remote­ly will many want to do more of that or will they miss their co-work­ers so much that they think they nev­er want to go through that again?  What impact will that have? How might you need to posi­tion your busi­ness to suc­ceed in the world that emerges from this.
  • Use Cash Wise­ly. Cash is KING (or Queen). In times like this it is imper­a­tive to be as liq­uid as pos­si­ble to stay nim­ble and lever­age any oppor­tu­ni­ties that might come your way.
  • Ana­lyze Your Debt. The Fed made its first emer­gency rate cut since the finan­cial cri­sis of 2008 on March 3, and it like­ly won’t be the last of the year accord­ing to experts. Is now a good time to refi­nance or take on a new debt to fund a poten­tial invest­ment? Unsure…. Just give us a call, we can help you with that.
  • Do the BIG Work. If busi­ness does slow, use the oppor­tu­ni­ty to do the things you’ve been putting off. Do the inven­to­ry count­ing, deep clean­ing, team train­ing, strate­gic plan­ning, mar­ket­ing plan­ning, voice of cus­tomer research, sys­tems analy­sis…… Take the pause and turn it into an amplifier.
  • Take Care of Your Team. Review your leave poli­cies, send them tech­nol­o­gy care pack­ages, ask how you can sup­port them. 4 in 10 Amer­i­cans are not pre­pared for a $400 emer­gency. What can you do to help your team mem­bers stay resilient dur­ing these times?
  • Advo­cate for Change. If there is a bless­ing in all of this, it is that it is clear many of our sys­tems are fail­ing us. When this cri­sis is over, my hope is the call for change isn’t.

For­tu­nate­ly, this cri­sis is occur­ring at a time when we just went through a his­toric run of eco­nom­ic expan­sion and pros­per­i­ty. Hope­ful­ly your busi­ness has plen­ty of cash reserves and will not be severe­ly impact­ed by the clo­sures, quar­an­tines and can­cel­la­tions. How­ev­er, if you find your­self in need of assis­tance, the SBA announced today that it will be offer­ing Dis­as­ter Assis­tance Loans for Small Busi­ness­es Impact­ed by Coro­n­avirus. If you would like help apply­ing for this pro­gram and any oth­er aid that becomes avail­able to the busi­ness com­mu­ni­ty, our team here at MACKEY will glad­ly help free of charge.

Last­ly, be flex­i­ble and stay informed. This cri­sis is a dai­ly, flu­id situation.

I look for­ward to see­ing you healthy, hap­py and pros­per­ous on the oth­er side of this very soon.

Sarah Grace Mohr
Chief Oper­at­ing Officer
Grace@MackeyAdvisors.com