We took on a new client back in 2019, a British entrepreneur who wanted to open a food and entertainment venue in Los Angeles to copy a successful model he’d developed in London. While he researched possible locations, we helped him refine his business plan, polish his pitch, and develop contacts to raise capital. We were prepared to represent his financial prospects to potential investors. Then 2020 arrived. The project stopped dead in its tracks and was subsequently abandoned.
On the other side of town, we stopped going to a favorite restaurant when they decided to remove their temporary outdoor seating and move back indoors, seen as a premature move by some in our group and apparently others as well. Their parking lot has not been full since we left, despite their avid fan base previously.
To those depressing stories we can add the movie theaters that never reopened, the restaurants that are gone forever, and the storefronts that remain boarded up to this day, replaced by huge growth in subscription TV movies, Zoom gatherings that used to be lunch and dinner meetings, Uber Eats, and countless other enterprises that couldn’t find a way to modify their business model to adapt until the pain of coronavirus receded.
The 5 questions virtually every business owner need to ask themselves today are these:
- Has your business been damaged by the last 2+ years of hunkering down?
- Have you adapted to the extent you could, to mitigate the damage?
- How will you prepare for the ultimate recovery that appears to be manifesting (monkeypox fears aside)?
- Or, do you foresee that a full recovery will never happen, and we’re in a “New Normal”?
- Do you have the capital and the financial roadmap in place to regain your place in the market? Is the talent on your team the right mix for that comeback?
Those are questions, both operational and strategic, that will determine the future success of your business. Answering them requires introspection, planning, leadership, and money.
We have the ability and experience to help you with several of those, just in case you don’t.
We are Your CFO for Rent.