How to take your business from reeling to ready

What are the best strategies for getting your business through the current crisis and preparing for a brighter future? Our teams have given a lot of thought to the matter and we’re ready to share our insights.

Courage and creativity—two qualities that entrepreneurs have demonstrated in spades—are essential for any business to survive and thrive in a fast-changing business landscape.

Developing a dynamic business model and implementing strategic actions right away are also crucial for minimizing the impacts of the crisis and setting your business on course for success over the short, medium and long terms.

Relaunch your business by taking advantage of the financial assistance measures offered. Our team of experts provides consulting and training services to help businesses adapt and grow.

Eight priority actions for recovery planning

Raymond Chabot Grant Thornton - image

1. Manage cash flows

Most companies have recently faced a significant drop in revenue, which is affecting their working capital. At times like this, you need to know exactly where you stand by assessing cash inflows and outflows. This will help you make informed decisions and keep financial consequences to a minimum in the coming weeks and months. Introducing new tools and redefining peoples’ roles can make a big difference in improving efficiency.

When developing your strategy, did check to see which financial assistance programs apply to your business?

Ensure continuity

Relaunch the business

2. Stabilize and boost sales

Your customers’ needs and purchase patterns have probably already changed. Now is the time to reassess your business strategy and sales processes. You’ll want to look for ways to stabilize income and capitalize on new business opportunities.

Have you assessed your customers’ changing needs and taken steps to ensure you can meet them?

Ensure continuity

Relaunch the business

Raymond Chabot Grant Thornton - image
Raymond Chabot Grant Thornton - image

3. Support your managers and employees

Your workforce is your greatest asset. With all the changes resulting from the crisis, workers have had to be very flexible. Clear, regular communications are the best way to reassure your team and help them stay motivated while they adjust to changes. Meanwhile, business leaders should review their workforce planning and human resources management practices to see if adjustments are needed in light of the new circumstances, particularly with so many people now working from home.

You’ll need all hands on deck when business picks up again. Have you considered using this transition period to refresh your team’s skills?

Ensure continuity

Relaunch the business

4. Manage procurement

Supply chain disruptions are everywhere right now. Inventory management processes should be analyzed and adjusted to protect your cash flows and procurement. It’s a good idea to strengthen relationships with your usual suppliers while looking out for new partnership possibilities. Also, analyzing current processes and actual costs is essential for ensuring business continuity. When doing this analysis, don’t forget to factor in any new sanitation and hygiene measures you’ve introduced to meet health requirements.

Have you done everything in your power to maximize efficiencies while protecting the health and safety of all?

Ensure continuity

Relaunch the business

Raymond Chabot Grant Thornton - image
Raymond Chabot Grant Thornton - image

5. Monitor business performance

By carefully tracking performance, creating a management report and using a dynamic budget, you’ll be able to pinpoint what areas need to be addressed to improve profitability.

Are you equipped to track your performance effectively?

Ensure continuity

Relaunch the business

6. Manage risks

In turbulent times, businesses face tremendous amounts of pressure as they contend with uncertainty. This calls for closer tracking, which can help you anticipate issues, assess risks and identify potential solutions.

Does your strategy factor in the various issues that these unprecedented times have brought to the fore?

Raymond Chabot Grant Thornton - image

Raymond Chabot Grant Thornton - image

7. Prioritize digital transformation and Cybersecurity

Small and mid-size businesses have experienced a spike in phishing, ransomware and other cyberattacks in the past few weeks. If you don’t already have one, act quickly to add an integrated cybersecurity solution that can protect your company from attackers capitalizing on the current situation. All of your business activities need to be realigned with today’s reality, and that includes your digital transformation plans. You’ve worked hard to earn the trust of your customers and partners.

Do you have a reliable solution that can protect their personal data and your business continuity?

Ensure continuity

Relaunch the business

8. Reassure stakeholders

Prepare transparent communications about what your business is doing to protect and improve its long-term prospects and send information regularly to employees, business partners and customers. Maintaining close, trusting relationships is essential for your survival and future success.

What steps have you taken to protect your business’ reputation?

Ensure continuity

Raymond Chabot Grant Thornton - image

COVID-19

Read more