When facing uncertainty, decisive action counts. To successfully plan your path to recovery, you need to know what challenges are standing in your way. Because sometimes it’s not as simple as acting on the issue you’re aware of, those that you did not foresee often cause the biggest problems.
Restructuring is not just for businesses who have lost control and face insolvency, they are a way to proactively take — and retain — control of your business, for recovery in the long term. Keep your options open by acting now to recover.
There are four areas detailed below, that you need to take action around to quickly gain control.
Thomas Deryckere, Director, explains: “Government intervention has provided a vital lifeline for many businesses, even ones that had previously been strong and well-resourced. Few would doubt that we’re entering a make or break period, with businesses facing hard choices ahead. In this context, businesses need to act now to get themselves on the front foot. They need to understand their options to stabilise their business in the short-term, while also helping them gear up for longer term shifts in technology, customer expectations and international trading arrangements."
"Waiting until government support is withdrawn could significantly reduce the options available. We don’t know how long it will be before pre-pandemic levels of output are restored. To prepare for the coming round of restructuring businesses should focus on repairing their balance sheet and creating the foundation of a healthy medium- to long-term recovery. At the same time, the pandemic looks set to accelerate shifts in the economy in the longer term, as more and more businesses are moving towards digital retail, while the importance of sustainability is steadily increasing. This isn’t just about surviving, but also maintaining control of the business, preparing for the future and ultimately thriving in the long-term”