Recover From the COVID Crisis
Any business that survives the COVID-19 crisis has a reason to celebrate. Many companies have shut down, resulting in bankruptcy for some and opportunities for others. If the businesses left standing are to thrive, rather than just survive, they are going to need to capitalize on the gaps left within their industry and the changes that are still coming socially.
Five steps to recover your business from the COVID-19 crisis:
Prepare Your Core Operating Unit
Agility is a necessity for any business looking to come out of the current crisis in one piece. Prepare your core personnel, to start. It’s important that your core team is aware that its roles and responsibilities are going to shift, that the business will need to be restructured, and that everyone may need to pivot. Your core operating unit should be ready to assist and should understand that making the necessary changes to survive a tumultuous time will ultimately lead to a rewarding one.
Re-Evaluate Your Business Plan
All the social changes that have come with COVID-19 have led to certain industries growing in popularity, while others have become obsolete. Brick-and-mortar businesses have gone the way of the internet, and the hospitality industry serves the majority of its customers through take-out and delivery. These shifts, along with a multitude of others, mean it is important to determine whether your current business plan is still viable or whether you're going to need to pivot.
Tackle the Honest Reality
Burying your head in the sand, and ignoring reality, is not an option when running a business. In order to make the changes necessary to save and rebuild your business after COVID-19, you must thoroughly assess where your business currently stands – and be realistic when doing so. Once you are fully aware of the company’s condition, you can begin to implement changes in order to restructure and restore your livelihood. Business restructuring is non-negotiable in the midst of a crisis, and can only be successful if all ailments of the struggling business are brought to light.
Also read: The Importance of A Valuation In A Crisis
Pick a Winning Marketing Strategy
You have adjusted your business plan, prepared your core team, and faced the reality of your business’s struggles. It is now time to adjust the way your customer base sees you – with an appropriate marketing strategy. It is key to outline, and shed light on, the changes your business has made in response to the COVID crisis, be it your new focus on sanitation, your added delivery and takeout options or your move to an online office structure. This is going to involve a certain level of rebranding. Business restructuring services can help you decide on the appropriate rebranding strategy for you, as well as the shifts you might need to make in your products and services.
Create a New Financial Budget
With all the adjustments and changes your business is going to be making, a new financial budget is important. This new financial budget should outline where savings can be made - such as on rent if an online office structure has been chosen, or on staff, if take-out and delivery are the prominent methods you use to serve customers. Your budget should also define areas where extra dollars may need to be spent – such as extra cyber security if staff is working from home, or on increased software development, if you are moving to a predominantly online platform. This new budget could be what makes or breaks your company – it’s important to be thorough when building it.
Most businesses are going to need to make drastic changes. But if you've survived so far, this is less of a challenge and more of an opportunity. There is significant market share your business can scoop up if the changes to your company are done right.
Our business restructuring team is on your side. Reach out to us today to learn more about how to recover and strengthen your business amidst the COVID-19 crisis. You can reach the Cerberus Consulting team by dialing 587-400-3858 or filling out our convenient online contact form.