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3 steps to start business recovery: tips for entrepreneurs

Ukrainian business is gradually starting to recover from the knockdown. And now that certain entrepreneurs are back at work, they are happy to share their experiences.

The heads of Ukrainian companies who are already working in a new rhythm have prepared tips for the UA Anti-crisis initiative:

And we at MK Legal Service decided to summarize some important points and supplement them with our own.

So, you are ready to work for the economy of Ukraine again, but where to start?

1. Determine what you are going to do next.

There are several options here:
  • continue to run the old business
  • close it and open a new one
  • move to another region or country

You need to assess your financial and human resources before deciding.

2. Gather your team

Determine which of the workers are ready to continue working with you.

This will make it easier for you to decide on the future of the business. It would be perfectly reasonable for you to continue your business with a reduced workload if the majority of employees and top managers are available.

If your team has significantly reduced in size and is not enough to carry out the usual tasks, consider new directions and formats.

Evaluate all available employees and determine the strengths and weaknesses of each team member.

Unfortunately, their roles in the renewed business may change. The head of the department may demonstrate effective performance, and the ordinary employee may show himself a good manager.

Leave only strong players.

Employees who are not ready for new challenges will drag you down, and you now only need those who are ready to help you make a powerful leap upward in a short period of time.

3. Prepare a plan for business recovery

Evaluate what funding you have available and how much you will need to restart the company.

Compare what expenses you will have and for what period without the income you will be able to cover them. Find out what business support programs are available and whether you can participate in them.

Solve all debt issues.

Conduct negotiations with counterparties and agree on the terms of debt repayment, both from your side and from their side. The real financial picture of the enterprise will not be visible without it.

Prepare a business plan for the next short period.

Review it often and adjust based on the results achieved. Now that the planning horizon has significantly shortened, even the smallest entrepreneurial successes and failures can affect your business.

Understanding your goals and resources will allow you to decide whether to stay in the same place or try your best in new regions or areas.

MK Legal Service team is ready to advise entrepreneurs who want to resume work in Ukraine and work for our country!