My first thought. Self care. I never thought I’d be talking about this. Under normal circumstances, I never really thought about it. Until now, I ate healthy, played hockey weekly and maintained healthy relationships. But during these new and trying circumstances, some of that has fallen by the wayside and replaced with that numb and overwhelming feeling of “what do I tackle first to get back on track?” No doubt, that feeling must be magnified for many businesses, especially those struggling to make lease or mortgage payments, make payroll and maintain CRE properties during this epidemic. We hear daily about how stress can wreak havoc on health, so I’ve been checking in with clients to make sure that’s a priority. After all, surviving this and making plans for a big comeback is founded on a healthy leader with a good mindset and a focus on things you can control. A previous client called me up yesterday for some advice on how to survive this crisis given his dwindling business assets. Some tips I offered:
• Assess what you have (assets, cashflow, revenue projections post-COVID)
• Reach out to tenants & gauge their short- & long-term goals
• Evaluate & prioritize parts of the business that worked & didn’t work pre-COVID
• Make a plan with a CRE advisor. Weigh out the options for a comeback that makes sense for stability & growth (downsize or upsize)
Empathizing with my clients and offering support and loyalty has never been more rewarding and important for all involved. But it’s that firm decision to survive that will ultimately help to move the needle forward for many.