Best Business Turnaround Services in the USA | IE Consulting LLC
These are strange and unprecedented times for businesses. As we all anticipated, a potential recession dominated the US economy even before the corona virus hit. But the virus changed everything. It is still too early to predict when this crisis will end or change the economy; but there is one thing we know for sure… business must continue.
In the early days of the virus in the United States, panic spread. Many businesses were paralyzed, not knowing how to proceed to this “new normal”. Even our governments suffered. But time and insight have enabled us to regain and press our sea legs. Today, companies are beginning to learn new ways of doing business, necessary to help fight the virus, and to come up with a new reality that has been with us for some time. Companies that are planning for the moment, building their networks, reflecting on their products or services, reaching customers and partners, raising awareness, and exploring new markets, which is going to maintain a competitive edge for us. The new “economy”.
The good news here is this is not a natural slowdown. A recession occurs when, for many reasons, demand exceeds supply for two consecutive quarters, which reduces operating capital and generates a reduction of demand. After a while, demand begins to increase again, thus powering a recovery. On the contrary, it is a stop-gap period of “suspended animation”, which is completely unprecedented in our time. There is a reason to be optimistic about the future. Demand has not declined. Conversely, demand is increasing rapidly as I write. People are spending time at home, thinking about repairs, new things they want to buy, also shopping online. Passengers are thinking about their next trips. People are tired of wearing the same clothes every day. It is time for all of us to think and plan how to get out of the running gate. Thankfully our governments are meanwhile taking bold steps to ensure liquidity in the market. This is not nearly enough, but we have every reason to believe that more support will come as needed.
With that said, this relief is coming in the form of debt. Businesses taking advantage of these programs must pay this money back, unless specified otherwise. Therefore, we must ask, “Will it be enough to go back into business as usual when we get it back?” Many will answer “no”. what then? Business growth will become a priority. This means one or more of the options:
Business Cost Reduction,
Customers Pay More,
Customers Buy More,
Improved Products Strategy,
New Customers,
New Markets.
Regarding the first two options, it is very difficult to grow a business while cutting costs, other than trimming waste. And, given that we will all be in the same boat coming out of this crisis, what exactly are ours, that our current customers will be ready to buy more or pay more? There is no question that product improvements, potentially involving price increases, are a way to squeeze more value from existing customers, and even have potential for acquiring new customers. But will it be enough? This leaves us with expanding markets. This is not to say that you should not look streamlined for greater efficiency or demand more value from each customer. But the demand to grow your pie — properly executed — is a highly effective means of accelerating the growth and prosperity of any business. One way to expand your market is to develop new products or services. This is a great way to grow your business, but it can be expensive, and probably difficult to execute in a world of social mess.
Finding new markets for your products or services is not a natural habit in the Atlantic region. But new paradigms require new approaches. Export opportunities abound. Our governments, with all their weaknesses and strengths, have built a solid, bold and reliable infrastructure to support businesses wishing to export their products and services abroad.
Organizations such as Interim Executive Consulting LLC have developed innovative, peer-reviewed programs to provide support to large and medium-sized organizations that believe their product or service is strong enough to compete in global markets. A C-level executive can even evaluate the readiness of a product and company to help prepare you at every step to trade in the international market. The US has strong trade agreements with countries and regions around the world. Our C-Level Executive is uniquely positioned to not only help you get on the road to exporting markets but to identify potential foreign customers for your products or services.
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