Judo Bank Chief Relationship Officer Frank Versace advises how to avoid the pitfalls.
COVID-19 has forced many businesses to change their business model in order to survive.
Those changes may be beneficial in the short-term, but Frank Versace, Chief Relationship Officer with Judo Bank, says SME owners need to evaluate changes through two lenses restructuring to survive in the short-term, and preparing for the long-term effects of the pandemic.
Multiple scenario planning thinking through some of the potential eventualities of the new market is going to be really important.
Versace warns of four side effects when making changes to a business model, and offers suggestions for how to manage them.