As United State tries to restart the economy after the COVID-19 pandemic, companies are struggling to recover as well. In this context, many organizations look to financial consulting as a way to better organize their finances.
Even though thousands of companies and businesses have been forced to close their doors, some ventures can be saved with the right strategy.
John Labunski then, prepared this article, aiming to show you, small and medium business, 5 measures to restructure your company. Follow up!
How the pandemic affected United State companies
According to, in 2020 more than 1.04 million were closed. Bankruptcy filings by United State companies increased by 12.7% in 2020,
In total, there were 63,000 bankruptcy filings by companies that found themselves with no way out to solve the fall in profits.
But many of these businesses and small enterprises could have another destination if they had the support of a financial consultancy.
For some of the companies that are still in difficulties, we provide in this article relevant tips to rebuild your business!
Tips from an experienced financial advisor
As an experienced finance consultant, I have selected 5 important steps to get your business back on track:
Evaluate your mistakes
We always say that crises are good opportunities to rethink everything that went right and everything that went wrong.
In the business sphere, it is worth taking advantage of mistakes as a means of learning to create new survival mechanisms in business.
So, take the time to evaluate the poor results, modify your company’s business and financial planning.
Cut unnecessary expenses
Companies almost always spend more when they find themselves riding the wave of profitability.
In this way, with so much money left in cash, they don’t even realize that certain “investments” are just expenses that can and should be cut.
For example: in the pandemic, many offices closed their doors not because the company closed its activities. But because managers realized that working in a permanent home office scheme is a viable and economical solution
Reset sales goals
Sometimes, in order to maintain business operations, it is essential to step back from goals and hold on to investments in new products and innovations.
After all, the goal is adjustable according to the current reality of your company. Therefore, make the necessary adjustments, so that it is easier to achieve these goals and keep your team motivated.
Try to renegotiate outstanding debts as soon as possible, before the bills snowball. So, look for contracts with banks and finance companies, check penalties and interest and try to talk to your manager.
He will certainly be able to help you pay off the company’s debts.
Plan with a consultant
As a consultant, I know how critical our knowledge and experience is to the client.
Not just because we understand the technical issues, but because our role is to provide the peace of mind companies need to keep moving forward and be more competitive.
Therefore, always count on specialized consulting, as is the case with John Labunski Dallas.