Adding to the well-known challenges that families in business together have always faced are the hardships created by the COVID -19 pandemic. Only time will tell how long these obstacles will remain in place, but there is no doubt that many family businesses have had to deal with a sudden, unexpected and often dramatic decline in their revenue. The field of positive psychology offers some suggestions that can be applied to help families through these tough times, including the following:

Turn to your core values. Studies have confirmed that a great company culture enhances employees’ energy, creativity and commitment, which in turn leads to greater success and higher profits for the company. Take the time to make sure your family and employees understand your core values. Consider how those values help create a culture that energizes employee performance, and how they can help your family prioritize objectives and determine what “tradeoffs” make sense in the current environment.

Revisit governance. Research on how we think reveals that we are not only irrational, but predictably so. Family business leaders, now more than ever, need to do everything possible to ensure that the choices they make are based on careful analysis. The quality of decision making can be enhanced by establishing good governance — through both a thoughtfully structured family council and an effective board of directors. Even if you have these governance structures in place, it may be a good time to revisit how they are working. Should you add new members or replace the ones you have? If you don’t have independent directors, consider how your board might benefit from an outside perspective.