Steven D. Handler

By Steven Handler, CMC, CPA, CGMA, Partner
March 19, 2020

The world has not panicked yet, but the Corona Virus is bringing us close. The news media lets us know daily the number of Corona-related deaths and illnesses. The geographic spread changes by the hour.

Newscasters report that many large companies around the world will see sales and profits completely eroded. Travel restrictions and reductions are crippling the travel and leisure industry. Big manufacturing companies, Apple for instance, cannot obtain adequate component supplies to meet production needs. The stock market is falling at a rapid pace. Large meetings, gatherings, and sporting events are cancelled.

As horrifying as the virus is, the earth is a resilient planet. It is everyone’s responsibility to minimize risk of transferring the virus through hygiene, social distancing, and smart choices in all that we do.

As your trusted advisor, we are always looking for ways to help you grow, improve, and safeguard your business. Through our management consulting services, we are available to help you through this perilous time. We are taking an active role in advising our clients. Recommendations include:

  1. Greater use of technology to help weather the storm including telecommunications via email and video conferencing tools and encouraging employees to work remotely
    1. Promotion of better hygiene at work to include:
      a. Sending employees home who don’t feel well or are showing any symptoms of the virus as described by the CDC
      b. Providing easy access to hand sanitizer
      d. Improving cleaning techniques, i.e., sanitizing phone instruments, keyboards, door handles
      e. Promoting social distancing

We are offering to lead a strategic initiative for your company to deal with these and other issues. We suggest involvement of key personnel from every level. The specific needs of each of you are different and we would help you identify and prioritize these needs. Decisive action is a must. Not waiting for the crisis to get worse and not feeling helpless are key elements to your business’s well-being. Some specific steps for you to consider are:

  1. Appropriately managing inventories
  2. Obtaining greater lines of credit to provide staying power
  3. Reducing costs
  4. Focusing on the most profitable lines of business
  5. Applying more energy on collecting old receivables

We certainly don’t have all the answers, but we have much in collective wisdom and experience. We are strategic thinkers and experienced problem solvers. While panic seems to be increasing, we encourage you to positively change what you can and not focus on the things you cannot.

We offer our depth of knowledge, experience, and creative thinking to help you do more than just survive these troubled times. The time to take advantage of our value-added services is now. To arrange for a complimentary one-hour exploratory consultation, please contact either:

Steven D. Handler, CPA, CMC, CGMA, Partner, [email protected] 847-213-2107

Henrik Wiberg, Chief Administrative Officer, [email protected] 847-213-2129

Steven D. Handler

CPA

CPA, CMC, CGMA