There is a huge change in the strategies to do business around the world now. With COVID 19 situation, the way to sustain the business has become more and more tough. People have to cop up with lockdown, social distancing and they really need to build up new strategies to be in the business.
New strategy – Digitization:
Digitization is the magic word that is working for corporate recovery and restructuring in today’s pandemic situation. As people cannot go out of their house, they are becoming more and more dependent on digital world.
Take the example of Schools, Medical facilities, financial services, shopping, entertainment – you name any and you will see a massive transformation everywhere towards digitization. We can only reach our consumers through digital platform now. It is evident that we are not going to go back to normal life very soon and thus this digital new normal life has become an evident part of our life now.
How to go for corporate recovery and restructuring?
The CEOs are having more responsibility now in corporate recovery and restructuring process. They need to plan well in advance and build a strong team to face the challenges and hardships of digitization. It is not only the technology but it also needs well trained people to handle the work properly. There will be lot of competition and hardships like fund constraint, inexperienced employees etc., so the planning and execution needs to be done with lot of efficiency. If you need some expert advisors, go for it, build your IT department very strong. Think about the profit in long run and plan accordingly.
Advantages of Digitization:
- Faster and accurate
- Saves both time and money.
- Reaches the home of your customer without actually any physical presence of yours.
- Many intelligent platforms are helping you to give a proper insight of your business with their artificial intelligence powered tools and you can plan in much better way about the future strategies of your business.
- The data is much safer.
What to do if I am facing for insolvency?
In the COVID 19 situation, many companies are struggling with poor cash flow and facing insolvency. This is specially faced by the entrepreneurs with limited resources, small business houses etc.
What to do in this situation? There are several ways you may try to solve these issues like negotiating with your creditors, chasing the debtors for immediate payment, sell off asset if possible, etc. But it is always a better idea to take the advice of licensed insolvency practitioner as they can assess your situation and suggest you the best way to come out of it. Please be careful while selecting these professionals as they will assist company directors, CEOs and shall play a vital role in company recovery process. Remember they should be licensed insolvency practitioner as otherwise they will not be allowed to handle your legal matters like selling of assets, negotiating with the creditors etc.
So, go with the trend and invest, plan, execute efficiently to establish yourself confidently in today’s digital world.