{"id":73004,"date":"2020-04-21t00:05:44","date_gmt":"2020-04-21t04:05:44","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=73004"},"modified":"2020-04-27t10:50:26","modified_gmt":"2020-04-27t14:50:26","slug":"covid-19-how-your-firm-can-respond","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/04\/21\/covid-19-how-your-firm-can-respond\/","title":{"rendered":"covid-19: how your firm can respond"},"content":{"rendered":"
creating the “new normal.” by marc rosenberg<\/i> for the first time in most of our lives, an international health crisis has the makings of a science-fiction scenario becoming reality. the situation puts us in uncharted territory and experts tell us will get continue to worse before it gets better. the optimist in me says this too shall pass, but i also feel that the world will learn from this crisis in ways that will last forever once this is over.<\/p>\n more: <\/b><\/strong>reward partners for performing like partners<\/a> | merging in sellers: what you need to know<\/a> | take yoda\u2019s advice on strategic planning<\/a> | 15 amazing organizational tactics to manage a cpa firm<\/a> | 6 ways to retain nextgen staff<\/a> | how to develop a truly progressive nextgen culture<\/a> a cultural shift that will permanently change our lives <\/strong><\/p>\n retired lieutenant general russel honore was interviewed on television recently. he was the joint task force commander for hurricane katrina. when asked if we\u2019re doing all that we need to do, he responded: \u201cwe need to optimize virtual work. there will be a cultural shift in america that will permanently change our lives. we will finally see that we don\u2019t have to drive crosstown to sit in front of a computer.\u201d obvious tactic #1 \u2013 remote work.<\/strong> i have long felt the trend toward remote work has dire consequences because it isolates people and weakens their ability to function face to face, always the best form of communication. but now, perhaps it\u2019s time for myself and others to \u201cget over it.\u201d our physical health is more important than any form of communication. important related points:<\/p>\n obvious tactic #2 \u2013 dramatically reduce meetings and gatherings of \u201clarge\u201d numbers of people. <\/strong>the warning we\u2019ve all seen repeatedly is to eliminate flying and attendance at conferences for the near term.\u00a0 for cpa firms, here are two related considerations:<\/p>\n disaster recovery plan.<\/strong> for years, this has been a leading candidate for the most important process that nobody does award \u2026 until now. cpas need to treat the coronavirus crisis as the disaster that it truly is and create a written disaster plan that can be quickly put into use for this and future catastrophes. this plan should not be written today and buried on a shelf. it must have continuing action steps<\/strong> such as rigorous training of our personnel and clients and focus groups of firm personnel to get their ideas for managing future crises.<\/p>\n accountability measures. <\/strong>i sincerely hope that the enormous scale of this virus crisis causes firms to hold their partners and staff accountable for compliance with the firm\u2019s disaster policy. these include:<\/p>\n partner buyout plans<\/strong> may need to be revisited for the impact of the virus. death and disability provisions will need to be revisited regarding the relaxing of vesting provisions for older partners who, god forbid, contract the virus.<\/p>\n business development and marketing.<\/strong> consistent with the tactic of more electronic communication and less face-to-face, cpa firms will have to figure out ways to bring in business with less reliance on face-to-face meetings with prospects and referral sources.<\/p>\n put more things in writing.<\/strong> everyone, not just cpas, is leery of putting an excessive amount of energy into written policies, procedures and processes for fear of being perceived as heavy-handed. people simply don\u2019t like reading these things. but with the reduction in face-to-face interaction, it may be prudent to ramp up the number of written instructions to ensure that work processes are crystal clear.<\/p>\n now more than ever, clients and team members are watching your actions and reactions as a leader, and your approach to this complex situation can bring the comfort and benefit of knowing that you have their best interests at heart. we wish you the best in weathering this storm. continue to take care of yourselves.<\/p>\n","protected":false},"excerpt":{"rendered":"
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\n<\/p>\nhow cpa firms can respond<\/h3>\n
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