Recovery planning involves how your business can endure hard times as well as flourish after the crisis.
It is critical to secure your business during a crisis. In the present circumstance, as the Coronavirus proceeds with its worldwide spread and the negative impact it has on the economy, it implies reducing expenses and firmly controlling income to guarantee you have enough cash close by to survive.
If your business is not going in the direction you want it to, rebranding could be a potential option.
This occurs when you make substantial changes to your identity as a business in an effort to better appeal to customers and reflect who you are.
There are pros and cons to doing this, however, and it constitutes significant risk. You want to be sure you are not only doing it for the right reasons but going about it properly.