A Conversation with Breakaway
I was excited when I learned that Breakaway’s CEO, Kristen Keats, and board chair, James Jarrett, decided to launch Conversations with Breakaway as a way to help independent bookkeepers, controllers, CFOs, and other sole practitioners as they grapple with the economic toll that the Coronavirus has created. Their idea is to host a simple videocast where they interview industry leaders to get their thoughts and impressions. I was surprised when they told me that they would like me to be their first interviewee. I wasn’t sure that I had anything to add that hadn’t been said already!
Upon reflection, although this is nothing like any of us have seen in our lifetimes, I am aware that there might be a few lessons to be learned from other economic crises we have lived through, including:
Our Clients Need Us
The work we do as accountants, controllers, CFOs, and bookkeepers, is more important now than ever. Our ability to look at someone's business and provide a compassionate, yet unemotional, assessment of cash flow and scenario planning is invaluable. Every time we have one of those conversations with our clients we become better equipped to have the next one - because the resilience and creativity we’ve seen among our clients and the business community in general has been inspirational.
Our Community Needs Us
There is obviously no silver lining here. That said, there are some things advisors can do:
If there was ever a time for you to lean in and show you care, this is it.
Recognize that no one is an expert. Your (educated) guess about the future is as good as anyone’s because these are indeed such unprecedented times.
Even if you find yourself incapable of offering aid or assistance, the simple question “How can I help you?” can help ease the burden.
Take Care of Yourself, Too
As advisors it’s important for us to understand that, after multiple conversations with our clients, we need to take the time to recharge our own emotional well being - maybe by exercising or talking to supportive colleagues and friends. We can’t be effective as advisors if we’re stressed.
As I’ve worked with our team and some of the clients they serve, I’ve noticed that there are those who become hyper involved/engaged. “What can I do to fix this right now?” and throw themselves into a frenzy of activity. Then there are those who almost become paralyzed with not knowing which direction to go.
Neither of these is an optimal response. For those who are hyper-reacting, it’s time to take a deep breath, and for those who haven’t moved, it’s time to create a plan--any plan.
While none of this is rocket science, I’ve found that when our advisor team takes this approach - produces rather than consumes, looks for ways to help, asks questions and, as always, brings joy, their days are better because of it.
Please join us next week for “A Conversation with Breakaway”
Tuesday, April 14, 2020 at 3pm via Facebook.
Martin Moll
Founder + Advisor