Help for Businesses on Key Areas to Recover and then Adapt to the New Business Landscape
Whether the current recession and recovery looks like a v-shape or more like a Nike curve remains to be seen. The one aspect that is clear is that our economy will recover eventually. As the government continue to lift the restrictions on businesses and public, it will allow businesses to come up for air.
Charterwells are ready and helping many businesses to recover!
Here are the key areas that clients and many business should consider to help them come out of this.
Assess the impact for your cash flow deriving from the loss of revenue. What expenses can be reduced to absorb this? Is the business still viable and if so would funding be a vital lifeline? We can provide clients with help to flesh out their cash flow model over the coming 6 to 18 months.
Adapting to new technology
Where is your business on its cloud adoption journey? This could be an ideal time to embrace better technology, which can help efficiencies and cash flow. We can help you to identify each process from HR, supply chain, inventory, sales and marketing and assess how technology can help your business thrive.
Once the furlough period has ended, leaders will need to decide on how to re-integrate the staff safely back into the work place. The health of the business will dictate this. Have regular check-in's with the team on furlough and the ones that are still operational. Any staff that need to be let go, need to be done in a very compassionate and honest manner. The survivors will also be hurt and will need to have clarity and re-assurance on the business and their role.
Pivoting to New Markets/Products
Consider embracing other markets such as an overseas expansion, or embracing online marketplace.
Mergers and Acquisitions
Acquiring or merging with another business can help you grow and also create efficiencies. Charterwells can help you with the key financial due diligence required.