A commitment to employees, clients and community: The Bonadio Group’s response to COVID-19. View Here

Seek Help, Build a Team: None of Us Should Do This Alone

For many of us, the past decade has provided reassurance that markets, and economies will rebound, with expansive growth opportunities and a reinvigorated operating result. However, we run the risk of becoming complacent in times of rising tides. If the examples of the past twenty years have taught us anything, it is that the volatility in traditional operating cycles reaches higher and lower during the peaks and troughs. Spurring on this volatility is the impact of global events, cascading locally like ripples through a pond.

As a top 50 accounting firm, The Bonadio Group has consistently provided counsel to our clients that planning for the eventual softness or outright downturn in economic conditions is paramount to the long-term stability of those organizations’ efforts; whether they be mission-based, profit-motivated or publicly responsible. Such counsel has typically come in the form of planning, readiness, and execution. As accountants, many believe that we are traditionally in the mode of compliance; is history adequately reflected. However, we have taken a broader view and utilized risk-based approaches in understanding our clients’ financial well-being, working with them to understand underlying fundamentals, and the effect of environmental factors. Focusing efforts on understanding the impacts of potential disruption on these underlying fundamentals has been a core tenet of our “& More” philosophy throughout our history.

And so now, in these times of great disruption, we urge the same counsel. Retreat to the familiar playbook of understanding fundamentals: how are you measuring current liquidity; what models are you using to forecast demand; is your supply chain stable and what alternatives are there; assessing the intersection of forecast demand and channel disruption with liquidity constraints; what operational strategies can you employ to maintain productivity; and many more. In addition to deepening your focus on core fundamentals, understanding and strategizing for opportunities, while hard to envision in the depth of the struggle, can inform current decision making that could have a lasting impact on your overall short and long-term success.

So, what can you do? Seek help, build a team, and trust in your advisors. It is in our collective efforts that we will rise above and triumph from such difficulty. What are we doing; what we have always done – encouraging a healthy dose of planning, strategy, and execution.

The information and advice we are providing for this matter relates to COVID-19 legislative relief measures. Because legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that could modify some of the advice and information provided to you, after the conclusion of our engagement. We therefore make no warranties, expressed or implied, on the services provided hereunder.