Unless deemed essential — think banks, food retailers, hospitals, and pharmacies —there’s a strong likelihood that COVID-19 turned many companies upside down. Employees went remote, workforces may have been trimmed, and some businesses were forced to temporarily (or permanently) shutter altogether.
There were obvious first steps for struggling businesses, including taking advantage of SBA loans such as the Payment Protection Program (PPP) and Economic Injury Disaster Loan Emergency Advance (EIDL), but stimulus packages aren’t bottomless and for many, bankruptcy appeared to be the only way out.
The effects have been devastating and seemingly irreversible, but as InterimExecs RED Team executive Yoav Cohen explains, “You almost always have a way out if you act quickly and decisively.”
We asked Cohen to break down turnaround strategies for businesses in crisis or distress and a step-by-step action plan to execute in our murky marketplace.