We are now in week seven of lockdown, and although we find ourselves in stage two of the State of Emergency, the impact of COVID-19 is still severe and the restrictions being enforced as measure to curb the spread of the virus have their own challenges on our business environment in Namibia and abroad.
We as a business community and country, for the first time ever, are all faced with the same fears and share the same obstacles for survival, and not just survival of the fittest, but as a country as a whole.
Because we understand times are tough and that we need to be resilient and act swift in order to safeguard our business operations and not miss any opportunity as a result, we are offering you an umbrella of services as a solution that you can choose from in order to assist you with your own Business Continuity Plan (BCP), Business Rescue Plan (BRR) and/or Restructuring (R) of your business. All our services will be tailored for your specific needs.
A lot has transpired since the lockdown in Namibia and across the Globe. The way that we now do business, and will do business in future, has made a 360 degree turn from what we have done in the past. BDO, as your partner and business advisor understand, more now than ever before, your specific needs, and what is required to successfully defend ourselves against these attacks on our business in these unprecedented times.
All business faces numerous challenges over the course of its lifetime. At BDO we take cognizance that every business is different and faces it’s own unique market related challenges.
As with any business recovery, timing is everything and you need to be resilient. In these times of uncertainty, you need to pay specific attention to early warnings that could mean the difference between saving a business or it being forced into liquidation. Our team of specialist can objectively assess your individual situation, and assist you to put plans in place for the best course of action. Various options are available that may include restructuring to sell, assisting the business to trade out of difficulty or as a last resort winding up the operations as quickly as possible to minimise any further losses.
BDO’s turnaround strategy is designed to do a detailed analysis of the situation the business finds itself, and to then act swiftly. Our strategy includes, but is not limited to the following:
- Consider and investigate a business’ current viability, immediate and long-term working capital requirements.
- Evaluate the options available to reverse current performance due to the pandemic or pre-existed conditions, and repair working capital if possible.
- Design and implement an agreed turnaround and growth strategy with management and/or owners.
- Continued monitoring of the business’s future performance against the proposed strategy.
- Provide interim and crisis management services, and
- Provide interim CEO/CFO support, where necessary.
It is important to note that our solutions are always tailored to the individual needs and circumstances of our client, and are supported by the technical expertise drawn from BDO’s full audit, tax, company secretarial and advisory services.
We work with your business in order to ensure that we adopt the right approach and achieve the best outcomes for the benefit you and your stakeholders. We further have a long history of working closely with local financial institutions, law firms and other accounting firms, and also have access to the expertise of our international BDO Network to help provide you with the best possible solutions to secure the best outcomes for all parties involved.
Please contact any of our partners if you are finding yourself in a claustrophobic rut with your operations, and wish to make use of this opportunity to interact with us, to ensure that your business meets the criteria for the new norm and is geared for the future.
I draw inspiration during these tough times from a quote by Ralph W Emerson: “What lies behind us and what lies ahead of us are tiny matters compared to what lies within us.”