Turnaround – Renovate – Accelerate

Preparing Business for 2021

Turnaround – Renovate – Accelerate

Preparing Business for 2021
Listening to a webinar “Turnaround – Renovate – Accelerate: Preparing Business for 2021”; A business owner spoke about his company that despite or maybe because of Covid-19, had turned around his business from a 190k loss last year to a 36k profit this year. He had decided not to give up on his business, which many might have done.

Instead, he responded by reviewing & addressing issues in his company & won more business by correctly aligning himself during lockdown. This reminded me that we often do not know what is ahead & that the events of this year were unexpected, unplanned.

Despite the challenges we’ve faced, the emphasis has been to get through even if it’s only muddling through. Churchill had a similar experience during WW2, taking one step at a time, and led the country to victory.

Insolvency practitioners reported that many business owners who contacted them never end up applying for liquidation. Instead, they choose to be resilient, putting plans in place so that 2021 will lead to a turnaround in their businesses.

Entrepreneurs’ are by nature positive and resilient people, especially during tough times. The message this Christmas season is don’t give up!

Plan, review, move forward with your business.
Look for new opportunities for 2021!

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The more you examine what is true about your business, the better you will be at prioritising the areas that demand your attention. Here is a series of questions you can use as a starting point for identifying potential problem areas in your company’s financial system. This is not intended to be a full analysis, but rather a tool you can use to focus your attention. Take one question at a time and really think about your answers. This is not a test. There are no right or wrong answers. There are only responses that reflect your truthful objectivity about the state of your business.

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