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From Survive to Thrive:Critical Information Business Owners Should Know for
Navigating the COVID-19 Crisis May 14, 2020
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Presenters
Frank Turocy, CPA, MSAHBK Senior [email protected]
Amy Reynallt, MBAManager, HBK Manufacturing Solutions
Michael B. Ross, MSOL, MSPMPrincipal, HBK High Performance
Joe Ledford, CPA/ABV, CVA, CEPAHBK Principal-In-Charge, Northwest PA Region
Maggie HorneDirector, Gannon University SBDC
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Today’s Discussion
Survive to Thrive: Key Topics to Consider
How do I Survive?
Working Towards Recovery
Strive to Thrive
Q&A
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• HBK would like to thank Gannon SBDC for this opportunity to work together
• I know most businesses have been in persevere/survival mode. As the state start to open businesses, you and your business will need to move into other stages.
• No one knows what the new normal will be or how the “old normal” will change. Some industries will have more change than others.
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• There is no game plan to follow as in previous recessions.
• This pandemic has changed the economy very rapidly. In previous recessions, the decline was gradual. This time it was like a “light switch” being turned off.
• You will need to start thinking about what the economy, your industry and your business will look like and adjust your business now, to thrive once this crisis is over.
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Roadmap: Survive to Thrive
SURVIVE
RECOVER
THRIVE
Lending Programs
Tax Planning
Compliance
Rally
Revive
Regroup
Strategy
Finances
Resources
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Roadmap: Survive to Thrive
SURVIVE Lending Programs
Tax Planning
Compliance
Frank Turocy, CPA, MSAHBK Senior [email protected]
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How Do I Survive?
Lending Programs1. Paycheck Protection Program
• Forgivable loans up to $10MM • Loan amount based on historical payroll• Forgiveness based on qualified expenses during 8-week period
following the loan
2. Economic Injury Disaster Loans (EIDL)• Provides up to $2MM of non-forgivable loans to qualified
businesses• Can also provide $10,000 emergency advance (not to be repaid)
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How Do I Survive?
Tax and Other Incentives1. Paid Family and Sick Leave Tax Credits
2. Employee Retention Credit
3. Payroll Tax Deferral
4. Modifications to Business Interest Expense Limitation
5. Modifications to treatment of Net Operations Losses (NOL’s)
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How Do I Survive?
Individual Incentives1. Economic Impact Payments
• Generally $1,200 for individual, $2,400 for taxpayers married filing jointly
• Additional $500 per qualifying child• Subject to AGI limitations
2. Enhanced Unemployment Compensation• Provides an additional $600/week & expands program eligibility
3. Changes to distribution and loan provisions of Qualified Retirement Plans
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Roadmap: Survive to Thrive
RECOVERStrategy
Finances
Resources
Amy Reynallt, MBAManager, HBK Manufacturing Solutions [email protected]
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Working Towards Recovery
Resource Management1. Customers
• Communicate• Understand their pain points• Improve relationships
2. Supply chain• Communicate• Understand their pain points• Determine and mitigate risk
3. Stakeholders• Communicate• Make employee safety a priority• Understand short- and long-term goals
4. Others
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Working Towards Recovery
Financial Management1. Follow guidelines of relief packages.
• Understand and comply with loan documents. • Follow program restrictions. • Track use of funds.
2. Manage cash and working capital. • Develop and maintain forecasts.• Can your customers pay their bills on time? Can you pay your
bills on time?• How are you managing inventory?
3. Reduce cost, where appropriate. • Align with your strategy.• Be cautious to not increase cost (i.e. quality & delivery) in
process• Consider services based on employee counts, revenue
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Strive to Thrive
Strategy Management1. Evaluate your existing strategy.
2. Determine where there is a “detour” vs a “derailment”.• Neither means that you throw away the work that you have done• Both mean that you need to revisit and determine how to get
back on track
3. How do you recreate the path to meet your goals?
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Roadmap: Survive to Thrive
THRIVERally
Revive
Regroup
Michael B. Ross, MSOL, MSPMPrincipal, HBK High [email protected]
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Strive to Thrive
RegroupConnect with your team on 3 things:
1. Identity2. Values3. Standards
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Strive to Thrive
ReviveReset your Vision
• What are your common goals?• How are you measuring success?
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Strive to Thrive
RallyIdentify your common enemies
• What does “fighting” look like together?• Inspire your team to take the hill
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Strive to Thrive
Connect Free Leadership Consultation:
• Email [email protected]• Subject Line: Leadership Consultation
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Questions
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Your Input is Important…
What Topics Interest You Most?
Our series will be built around your needs.
Please watch for a survey in your email.
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Frank Turocy, CPA, MSAHBK Senior [email protected]
Amy Reynallt, MBAManager, HBK Manufacturing Solutions
Michael B. Ross, MSOL, MSPMPrincipal, HBK High Performance
Joe Ledford, CPA/ABV, CVA, CEPAHBK Principal-In-Charge, Northwest PA Region
Maggie HorneDirector, Gannon University SBDC
Thank You and Stay Well!
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Hill, Barth & King, LLC (“HBK”) is a multidisciplinary financial services firm, offering the collective intelligence of hundreds of professionals committed to delivering exceptional client service across a wide range of tax, accounting, audit, business advisory, valuation, financial planning, wealth management and support services.
Copyright © 2020 Hill, Barth & King, LLC. All rights reserved.
This Presentation contains general information only, and HBK is not providing through this presentation accounting, tax, business, financial, investment, legal or other professional services or advice. This presentation is not a substitute for professional services or advice, and it must not be used as a basis for any decision or action that may affect you or your business. Please consult a qualified business advisor before making any decision or taking any action that may affect your business. HBK shall not be responsible for any loss sustained by any person who relies on this presentation.
