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Planning for success after a setback

In recent months, a lot of things have changed for many Ontario businesses. The current global health crisis has forced some changes to occur that have jeopardized many companies. In working toward getting things back on track, the businesses that have a plan in place for hard times may have an easier time doing just that.

Flexibility in the business model could be one of the biggest assets your company has. Of course, it would help to have employees willing to go with the flow and make any changes necessary to keep the business going. Ontario companies that plan ahead for a business crisis have probably taken the time to shore up their relationships with suppliers and clients in order to preserve as much continuity as possible when times are tough.

Think differently

Gathering together a group of people who can come up with innovative and different ideas designed to allow the business to get back on track – and even thrive – during and after the situation ends is important. This may involve reaching out to other companies in the same industry to support and transfer knowledge to one another. Talking to similar businesses in the same boat could give you information on all of the government services that could provide help to your company during a crisis.

Reduce costs

The way your company has been operating may have a lot of unnecessary expenditures built in. In order to remain afloat during this difficult time, it’s important to look for ways to trim the fat. You may need to review your budget and assess – line by line – which expenditures are necessary for operation. You may also need to move towards a contractor-based hiring model, rather than keeping more expensive, full-time employees.

Coming up with new ideas may be the easy part of the process. Implementing new ideas usually involves even more planning and research in order to remain in compliance with existing rules, regulations and laws. For this reason, many business owners choose to work with a lawyer who can help them navigate these complex issues.