In business, when times are good, they’re good. Money is flowing, business is operating according to plan, everything appears optimal and there’s a sense of motivation and accomplishment in the air. When things are good, people are happy; things are accepted at face value, bad behavior is allowed to slide. But when times are not so good…dynamics change. When times get tougher, irritants grow. Little things that may not have bothered before…now they’re threatening the day-to-day flow. COVID-19 has placed extra pressure on business; pressure that few anticipated. In the initial months of COVID-19, businesses took appropriate time to adjust, organize, and ensure that livelihoods were going to survive. Now with COVID-19 here to stay for the near future and the initial shock has mellowed a bit, businesses are assessing their new normal…and for many businesses, this means change is in the air.
Whether a pandemic or other systemic pressure, it’s always a good idea for businesses and individuals to review their visions, strategies and operating processes regularly. This review includes a business governance and management structure to determine if change may be needed. All businesses have been impacted by COVID-19; some impacted negatively or some positively (maybe COVID-19 increased your demand and you have to hire more people to keep up), regardless though, it may be a good time to look at renegotiating contracts, assessing shareholder and equity issues, examining employee statuses, and evaluating value drivers within your company.
For many businesses, 2020 may be considered a “throw away” year. While 2020 may not be a growth year for many, it does not need to be a completely wasted year, either. The decisions business owners make now will set their company up for success in the years to come. Now is the time to evaluate your business internally, as well as your industry externally. It may be time to hire; it may be prudent to contract. It could be best to nip a customer or equity dispute in the early stage before full break down. Perhaps, its time to pivot the business to a new segment or invest in a new technology for maximize employee efficiencies. COVID-19 had many folks on their heels reeling. Now is the time to seize the reigns and be proactive to set the best course for your business.
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ABOUT MIKE MERCURIO
firstname.lastname@example.org | 301.575.0332
Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.
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