Business turnaround for pandemic recovery
October 7, 2021
The last 18 months have been a challenging time for many SME business owners and directors. The pandemic has created unprecedented difficulties, leaving business owners buried in decision making and unsure of how to navigate this increasingly unknown territory. For many business owners, their personal wealth and retirement plans will be bound to their business’s financial position, making this challenging time even more stressful. In such times, the hope of turning around a business back to profitability may seem a long way off. However, a transformation back to stability and growth is possible with the right support.
Business pandemic recovery process
As business advisory and turnaround specialists, we will work with you and your management team to create and implement a business turnaround plan tailored to your individual business needs. It is vital that all stakeholders are on board for this plan to work, so we look to develop positive and effective relationships throughout your management team.
There are four key stages to effective business turnaround that work across the business structure:
1. Stabilisation
Firstly, we will work with you to address the immediate issues, stemming cash flow problems, planning realistic income and expenditure for a 3-month period, understanding the business’s working capital requirements and addressing any creditor issues.
2. Consolidation
In this second step, we will help you to manage your business performance through a detailed analysis of key metrics. At the same time, we aim to conserve cash – creating payment plans with creditors, managing costs and margins, credit control and turning non-essential assets into cash.
3. Strategic Growth Planning
At this stage, we will create a detailed analysis of the current market situation, which is particularly important in today’s changing conditions. From here, we review your existing strategy, adapt the business model to better serve current customers, maximise opportunities to create new value, and plan a new growth strategy coordinated with the management team.
4. Implementation
In this last stage, we develop a bespoke performance measurement and management system, so all business functions can be coordinated and measured going forward. Lastly, we help you to introduction a continuous review process for the senior management team to ensure the business turnaround continues in the right direction.
Our aim for the business owner is to transform a business situation of endless challenges into a thriving and profitable business, creating security, a better work-life balance and potential options for succession and exit plans.
Webinar Recording: Repositioning Business and Personal Wealth – Pandemic Recovery
If you are looking to reposition your business ready for business succession and exit planning, we will be providing more information and taking questions at our webinar on Wednesday, 13th Oct, 2021, 11:00-11:45am. Watch the webinar recording here.
Business turnaround webinar
If you are currently facing business challenges related to personal guarantees and the pandemic support schemes, our specialists discussed these issues at our first webinar of the series in September 2021.