10 ways to immunize your firm during a crisis like the coronavirus
Managing your CPA firm through any crisis requires thoughtfulness, sensitivity and patience — qualities that may not seem practical or even possible during this time of the COVID-19 global pandemic. After all, our social, business and regulatory landscapes seem to change daily if not hourly.
These are certainly challenging times for us all. While we don’t know when or how this crisis will end, it is crucial that we don’t veer away from making good, solid business decisions.
Budgets still need to be used and complied with. People making great contributions still need to be rewarded and recognized. Good ideas should still be applauded. Maintaining firm culture and team inspiration is more important than ever, especially since few if any people will be together physically. Host virtual staff meetings, lunches and happy hours to keep team members engaged.
While fear and anxiety are common in a crisis, it’s important to remain the clear-headed firm leader you’ve always been. Put plans in place now that will help your clients, your staff and your firm be as well-positioned as possible for the future.
While the effects of the pandemic will be felt — and continue to evolve — for some time to come, it’s crucial for accounting leaders to think through their firms’ actions and to have a process in place to evaluate and redirect as necessary. Here are 10 suggestions to help firms think through near-term needs and create a plan to help shore up business continuity and mitigate some risks during this sensitive time.