What is Your Risk Assessment Now?

If a pandemic was not on your list of possible risks to your business, I don’t think you are alone.  Would a strategic planner have even mentioned this potential if you had had them perform a risk assessment in 2019?

With the release of the April employment statistics from the Bureau of Labor Statistics, it is obvious that people are suffering; some more than others as evidenced by the breakdown in the chart. Even though there is much loss to lament, there is also much entrepreneurship to be admired and give cause for optimism.

Government Leaders, Medical Professionals, Research Scientists, Military Troops, Business Owners, and Manufacturers have stepped up to fulfill immediate needs of those who are affected by the Covid-19 virus.  Personal Protective Equipment is being produced, ventilators were manufactured and shipped to hospitals in need, Red Cross Ships and Naval Vessels were deployed, effective therapies are being used successfully, and testing is ramping up while a vaccine is being developed. 

On a smaller scale, one story from a long-time customer who called in late March stands out. When I saw his name on the caller ID, I was braced to hear that he was not able to make his payment. When he told me that he was taking the time to remodel his building and make some upgrades, and wanted to finance new equipment, I could have reached through the phone and hugged him. He told me that he had been in business for 40 years and 3 months after opening his first site, his building flooded and they lost everything. He said that if he could live through that horrific event, he will survive this also, thanks to having a cash cushion. This conversation was truly uplifting and gave us all hope.

After 9/11, most people gathered with their loved ones and hugged them closer. While we are refraining from “huggging” our family members and friends now, we are reaching out to check on them more often. We have also come to appreciate and count the many blessings that we had taken for granted prior to the lockdown.  
We are especially grateful to our employees who have returned this week and we truly value our customers who have placed their trust in us. It is our hope that you have found the strength to cope with the effects of the lockdown, that you will emerge successfully from this crisis, and that we can cross the risk of a pandemic off our list for a long while. 

Kevin F. Clune, CLFP
Clune & Company LC