IT IT ’’ S TIME TO
REASSESS
Can You Turn Lemons Into Lemonade ?
As economic conditions change and businesses start to reopen , we encourage business leaders to take this time to reassess their existing business strategies and relationships . This doesn ’ t mean scrapping your entire plan and writing a new one but , rather , focusing on a few key factors that all small- to mid-sized businesses in particular should consider .
Industries are feeling the weight of the world right now and some are feeling it more than others . Historically , nothing compares to the demand shocks of COVID-19 . Business loans , stimulus checks , record-breaking unemployment numbers , and a public health crisis are among the many things the nation is facing . But as we work towards “ normalcy ” – which has no timeline – preparing for the unexpected is more important than ever before . Reevaluating your supply chain , advisory relationships , and your succession plan ( or lack thereof ) are a few things to consider as you reenter a post-COVID-19 world .
Supply Chains
China , Europe , and the U . S . have had major set-backs in terms of international trading as COVID-19 appeared to take aim at key supply chain regions . Now that businesses are looking to ramp up production , it ’ s possible that the supply chain you had in place before the pandemic is no longer readily available , or that it has become cost prohibitive .
Whether you like it or not , it ’ s never been more important for the long-term continuity of your business to reconsider your company ’ s supply chains to ensure that they are working for you and not against you . Start by taking a closer look at your business and how susceptible you might be to economic hiccups and their impact on your supply chain . Then , consider whether you are paying too great a cost for a notso-great relationship . If both of these scenarios caused you to pause , perhaps COVID-19 can be seen as an opportunity to address these issues and strengthen your position in the marketplace , increase your company ’ s value and ensure ongoing business continuity .
Advisory Relationships
The current state of the world has dusted off the many business strategies and best practices we may have shelved over the years . COVID-19 has highlighted the importance of advisory relationships , particularly with regard to the relationship you have with your banker . As the pandemic took hold and the battle for funds and resources began , guidance for business owners ( particularly in the beginning stages of the crisis ) was scarce . Not only because this is uncharted territory , but ever-changing legislation and countless approaches across branches and regions caused some banks and bankers to be more equipped than others . Because of this , if you already had a relationship with a banker who simply had a greater understanding the loan programs and what their clients needed to apply for assistance , you were likely at a greater advantage when it came to securing funds . This will continue to be the case post-COVID-19 . The truth is that you do need to secure and nurture strong advisory relationships now because you never know when the merits of such a relationship will reveal themselves .