Jeff Cunningham co-authored an article in Supply & Demand Chain Executive about the strategic steps businesses can take to assess the impact of the pandemic and define a new path to profitability.
"Many businesses have been treading water through the pandemic," Jeff wrote with Katie Goodman and Richard Kazmier of GGG Partners, a turnaround consulting firm. "The Paycheck Protection Program (PPP) or other government relief helped a lot of companies, but even among PPP recipients, many are still struggling. Companies commonly exhausted the initial relief provided by the PPP and other government programs and squandered lender forbearances. They were unwilling or unable to undertake fundamental business process improvement to weather a longer storm. Now months later, these businesses are in the same, or worse, position as before receiving the governmental assistance. A new, smaller round of PPP funds is coming that may benefit some of those businesses, but the basic question remains—'What should business owners and executives do next?'"
"The answer may lie, at least in part, with proven strategies from the world of turnaround consulting. The first step in any turnaround is taking a hard, candid look at the hand the business has been dealt. What has the pandemic done to its customer base and supply chain? Are observed changes temporary or part of a fundamental shift in the industry? Depending on the answers, businesses may find available steps to return to profitability."
You can read the full article here: How Businesses Can Best Play the Hand They’ve Been Dealt in the Pandemic.
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