Are you aware of the health of your business? These unprecedented times are challenging and affect everyone.
Given social distancing, government assistance programmes, sporadic lockdowns, and unexpected cashflow consequences, it is easy to lose sight of where your business is presently and what the future holds. Some businesses are engaged in restricted trading. Others are responding and restructuring their operations – doing things differently! While some are simply hibernating. Have you looked closely at your business to see what’s best for you? Should you be zigging when you are zagging?
Here are some simple steps to get you thinking:
Look at your company and its position within this changed environment. Look for its strengths but also look for signs of stress. A small symptom may be evidence of a systemic problem. Both strengths and stress may be equally hard to see when you are intimately connected to the business. Set aside dedicated time to analyse your business. This is fundamental to ensuring your business is sustainable and has the capacity to thrive.
Listen to what staff, customers and advisors are saying about your business. Don’t be too busy or ego driven to see or hear the signs. Often where there is smoke there is fire.
Act early and seek advice. Find the right advisor and engage. Remember, turnaround is a specialist area like tax and audit. You will find that turnaround specialist firms like Olvera Advisors are approachable and generous with their time. They understand your circumstances and will work really hard to generate a positive outcome.
Ask questions, remember you are new to this so we understand every question is an important question!
React in a timely manner. Consider your options, test them, and make decisions. Sometimes decisions in business are just plain hard. Remember, ignoring a problem will note make it go away.
……And don’t forget to Breath
Breath……… It will be stressful and at times uncomfortable. Find a family member, friend, mentor, confidante, trusted advisor or counsellor. Talk to someone you can trust! Don’t do it alone.
Last update of the article: 01/26/2021.