The coronavirus (COVID-19) pandemic is having a dramatic impact on all industries of the US economy. This uncertainty can lead to anxiety and stress, to help you combat these feelings we have consulted with the Center for Disease Control and Prevention, family psychologists and medical professionals to craft a list of tips for family businesses to help their employees and family members manage coronavirus related stress and anxiety in the workplace by bolstering mental resilience. The definition of anxiety is a feeling of worry, nervousness or unease about an imminent event or something with an uncertain outcome. It is important to acknowledge that feelings of anxiety are normal at this point. We are early into this crisis and the outcome is clearly uncertain.  Our message to family businesses is to “Stay resilient ”, and keep in mind that as everyone’s life has been turned upside down, uncertainty becomes the new norm. These are ten tips can help reduce our anxiety and increase our mental resilience: 1. Be social while you practice social distancing Social distancing does not mean social isolation. It is important to avoid isolating yourself. Use technology to maintain relationships and stay connected with friends, family, neighbors and co-workers. Group video chats work great to keep connected with your social network. 2. Schedule family time Do not isolate within your own house. Share meals together, get out the old low-tech board games and engage with your family.   3. Disconnect from the 24 hour news cycle Misinformation or political agendas will only increase your anxiety and fear of the future unknown. Limit your news watching time to an hour or so per day, and do not rely solely on social media for your news. 4. Establish a routine As many people are working from home now, it is important to establish a routine and stick with it. Get up at the same time, take a shower, make breakfast, and start working at your usual time. Mental health experts suggest that creating routine and structure is one of the easiest ways to promote positive mental health.  5. Practice good self-care Even though your employees may be cut off from work and their communities, it is important for them to do things for themselves that generate happiness and comfort. Eat healthy, exercise, take a walk or bike ride or even practice deep breathing. Do not give in to the temptation of hunkering down and freezing up. Another good stress reliever is to help a friend or family member cope with their own stress. 6. Help others Many family businesses have a strong philanthropic spirit and encourage employees and family members to actively help the community. Even with travel restrictions and social distancing, there are many ways to help others during this crisis. Check in with your elderly neighbors to see if they need groceries. Donate blood to the American Red Cross. Buy gift certificates at closed small businesses in your community. Order take-out or delivery from your favorite restaurant. Even a simple thank you to the grocery store bagger is helpful. During a crisis – it feels good to help others in need.   7. Get plenty of sleep Adults and children should get at least eight hours of sleep. It is also important to maintain a regular sleep schedule. Go to bed and awake at routine times to maintain a proper sleep schedule. 8. Exercise Although we are practicing social distancing, it is important to get some physical exercise. Walking, bike riding, yoga are all helpful to maintain mind/body balance. It may be time to actually use the exercise bike or treadmill that is gathering dust in your basement or garage. Use online exercise apps or videos. If you have kids, be creative. Play music – dance! 9. Find ways to laugh and smile So far, it has been difficult to find humor during this crisis as many people have died already. However, it is possible to find humor and joy. Watching funny movies or old comedy TV shows can help take your mind off the situation. I have found that watching a show about puppies on the Animal Planet TV channel puts a smile on my face. Bringing out the old family photo albums will oftentimes bring smiles to everybody’s faces. 10. Lean on your community Even though you cannot attend your local community or religious gatherings, you might still be able to participate online through social media or video conferencing. Staying connected to your community, even if only online, can bring you peace of mind during these trying times.  Keep in mind that the human body is hard-wired to be resilient. Following the 10 tips above can help family business owners and employees reduce stress and anxiety and prepare for a brighter future. For more information on this topic, or to learn how Baker Tilly specialists can help,  contact our team.

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Law firms and professional services coronavirus resources

Small and family business coronavirus resources

Reduce your family business anxiety with these 10 tips 

The spread of COVID-19 continues to impact law firms and professional services firms

With the unprecedented measures being taken to control the spread, many firms are being forced to temporarily close or significantly alter the way they conduct business. 

Baker Tilly’s law firm and professional services specialists are ready to stand by you and help you through this difficult time. 

We understand you are dealing with staffing, cash flow, inventory, and loan agreements, among many other things.  Now is the time to take a look at your business’s critical operations and prioritize the steps you need to take to get through this challenging environment. 

We have developed a collection of resources to help you prioritize and navigate your next move.  From a 13-week cash flow analysis to strategies to reorganize your organization, our team will continue to keep you updated on the impacts to your business. 

Video: Accessing SBA loans through the CARES Act

Chris Anderson, Baker Tilly Managing Partner, sits down with Tim Kosiek, a partner in Baker Tilly's financial services group, to discuss how to access SBA loans through the CARES Act.

John Niehoff is the firm’s partner-in-charge for the professional services practice, leading the firmwide strategy for providing exceptional client service to law firms and other professional service businesses. He has been with the firm for more than twenty years and focuses on financial reporting, tax, and operational issues unique to professional service businesses. He has extensive experience assisting law firms with specialized advisory projects tailored to achieve their financial objectives.

Bill Apple, partner in the tax and assurance group, has been with Baker Tilly since 2007. Bill has more than 25 years of experience advising clients in their business and personal income tax matters, financial planning and various other types of business transactions.

Jessica Mastropietro, partner in the tax and assurance group in the Washington, DC office, has been with Baker Tilly since 2004. With more than twelve years of experience in the profession, Jessica focuses on assisting her clients to effectively navigate complex tax return preparation, compliance, and planning, as well as managing the delivery of retirement plan audits.  She has substantial experience working closely with clients to address their tax, accounting, advisory and transaction needs with a primary focus on the professional services industry and owners.  Jessica combines strong technical tax skills along with her knowledge of leading automated technology tools to serve many of our largest multi-state law firm partnership clients.  Jessica was recently recognized as a nominee for the GWCPA “Women to Watch” in the CPA emerging category.

Ben is a member of the firm’s professional services practice and is located in the DC office. He has been with the firm for more than fourteen years, performing financial statement audits, reviews, compilations, internal control reviews, and tax services. Ben also has extensive experience performing employee benefit plan audits for a wide range of defined contribution and defined benefit plans.

Chuck joined Baker Tilly in 1999, and he has served in multiple roles throughout the years, including as the Illinois team leader of our professional services, software and technology group.

With the unprecedented measures being taken to control the spread, many firms are being forced to temporarily close or significantly alter the way they conduct business. Baker Tilly’s law firm and professional services specialists are ready to stand by you and help you through this difficult time. 

The importance of cash flow during uncertain times

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Law Firms & Professional Services Coronavirus Resources

Law Firms & Professional Services Coronavirus Resources

Reduce your family business anxiety with these 10 tips

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The spread of COVID-19 continues to impact law firms and professional services firms

Video: Accessing SBA loans through the CARES Act

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