To Prepare or Not To Prepare
To prepare or not to prepare?
That is most certainly the question for every business!
Over a month down the track of mainly working from home, social distancing and a future that even the most prescient of us might say is unsure, what should we do?
Most of you still want to realise the true value of your business at sale and ensure that you will get the best return after a lifetime of building its worth and you want to do this in spite of the current situation!
Over this time talking to clients and prospective clients there are two questions being asked:
- Should I see this through by cutting my costs, head down, and hanging on until this dreadful pandemic ceases?
- Or do I take the view that we are now in a time of change where outside circumstances mean that we have to adapt and thrive – being flexible and change progressively to meet the circumstances?
In both cases, one if not the biggest problem is that most businesses do not have the information in a proper format nor the reference point to take the best actions and decisions in these circumstances.
A lot of focus at the moment is on surviving. As the crisis gets better understood and moves toward a resolution (and it will), then the question will be – ‘how do I exit COVID-19, social distancing and revive my business, my marketing, my employees and my clients?’ At this moment business owners will start to focus on thriving – growth in business, sales, customers, productivity, and profits. Ultimately, we will exit the current frozen situation and get back to normal (albeit a new normal). But that’s a long way off in many ways.
Once that is reality, people will look at things differently.
We now have a shared experience of what it was like to not be prepared, not have proper plans and procedures in place – many were badly caught out by this once in a lifetime black swan event. It is unfortunate to get caught out by a global pandemic- it is stupid to get caught out twice by not correcting the lack of contingency planning and even more importantly, strategic planning to ensure your long-term business success.
Business Succession and Exit Planning embodies all of these issues and many more and will work well to protect and maximise your business assets.