If your business has cash flow problems, is approaching insolvency, or if immediate advice is available on how to handle debt or business restructuring in the best possible way, call us to find out how we can help. Business Rescue ranges from pragmatic steps to ameliorate economically challenged businesses to formal legal proceedings to secure time and guaranteed breathing space to facilitate the revival of financially deprived businesses. Business recovery services such as CVA and management have a wide impact on companies, directors, shareholders, employees and business creditors.
The COVID-19 outbreak has provided businesses around the world with the simple choice of adapting or dying. Some organizations have responded by engaging in digital transformation, while others have focused on fulfilling a social role by embracing philanthropy, philanthropy, and other community-based activities. Results have been mixed, of course, and not just because of the unprecedented nature of the chaos caused by the epidemic.
Simply put, the traditional tools of risk management are insufficient to maximize a company’s chances of survival in today’s chaotic environment that demands a more holistic strategy. Indeed, businesses must embark on a renewed journey of self-discovery and healing, similar to the process of mental health recovery, to overcome the grave challenges posed by COVID-19 and uncover opportunities hidden in the dark tunnels of the outbreak. This includes rejecting old ways of thinking and embracing the need to redefine business practices across organizations and then engage in mourning processes that shape a company’s new reason for being.
The conceptualization of deploying business recovery processes to develop new, sustainable and profitable business models in response to crises follows Albert Bandura’s social cognitive theory of human actors. An automatic device driven by a deterministic environment or neurocognitive process. Following this logic, businesses must engage in recovery processes to proactively respond to any major disruption (digital, environmental, organizational, social or viral). But deploying a recovery strategy in the corporate world, especially during a pandemic, requires clarity in the definition, let alone how business managers implement the process.