The COVID pandemic hit a lot of businesses hard. Many businesses permanently shut their doors. Some stayed alive, albeit have yet to recover to pre-COVID levels. Others, despite an initial decline in business, managed to tackle the challenges and build back to pre-COVID levels, with some even coming out of COVID stronger than before.
There are three important factors that contributed to the success of those businesses that have been able to regain their pre-COVID state. Firstly, there’s the business’ ability to reflect, developing a strategy that addressed the challenges faced. Secondly, owners and their teams had to accept that change is required. Thirdly, the state of the business prior to the pandemic had a huge impact on its ability to navigate COVID.
Whether they be due to mistakes made internally or a result of external forces, it is not uncommon for businesses to hit rough patches that result in a decline. The good news is that a decline can be reversed. In fact, declines can even be forecast, and either any negative effects reduced, or, in some cases avoided or even turned into a competitive advantage.
The team here at Benchmark Business Advisory have years of real world experience in business turnarounds and rescues. We’ve helped small to medium businesses ride through COVID, guiding their digital transformation for example so that their business could remain open and viable. We also work with business owners in helping them secure their business, which means building up the foundations that make up the business, resulting in a more resilient, proactive business that is better able to foresee challenges and act on them before they actually materialise.
Whether it be through strategic planning, digital transformation, business model update or any other turnaround or rescue solution, contact us today for a confidential chat, our team is here to help you.