Since the beginning of the Covid-19 crisis, the Chamber of Commerce’s House of Entrepreneurship has multiplied support measures for companies in difficulty. Last launched in April 20: the #ReAct project, a free and gradual assistance proposal proposes to bring together experts dedicated to your problem on a case-by-case basis.
Stock management? Creation of a loan file? Personnel management and short-time working? Change of legal status? The crisis that has been slowing down or even stopping the activity of many companies for more than a month now is forcing them to review their current business plan and to envision the future on new bases. #ReAct responds to both a demand for immediate strategic and technical support, and for a need to plan for the end of the crisis with.
The Chamber of Commerce has the major means to save companies in difficulty. This is obviously its role. But, far from the effects of the announcement, it did not take long to implement concrete measures. After the creation of the #Jobswitch platform, the creation of a helpline and the financial guarantees favoured by the Mutualité de Cautionnement, #ReAct will enable entrepreneurs solid access to a cortege of experts (legal, financial, human resources and business development) who will respond collectively or on a case-by-case basis to their particular difficulties.
“We identified what recurring difficulties the contractors were bringing to our attention. #ReAct was born out of sharing our exchanges and reflections.”
A proposal for graduated assistance
“We have imagined three strategic areas of recommendations: sharing tools and experience, individual check-ups, and if necessary, the mobilization of dedicated support for companies that wish to do so,” says Emilie Pirlot, referent of the #ReAct project at the Chamber of Commerce.
Companies can therefore attend online workshops addressing various issues such as: “#ReAct – How to manage commercial conflicts” or “#ReAct – Negotiating an extension of credit with my banker”, but also workshops for feedback. While each company is unique, some executives who have gone through difficult times may be able to help those who are going through them today. At the same time, a system of supportive mentoring will help everyone to identify whether the challenge is financial, strategic or human.
If this is not enough, an individual diagnosis of the company is proposed with specific recommendations sent by e-mail. Finally, the last level of support offers individual support from an expert (lawyer, banker, chartered accountant, HR consultant…) partner of the Chamber of Commerce.
Collaborative work was first initiated internally, within the teams of the Chamber of Commerce. In the span of two years, the young woman and her team has helped more than 50 companies in difficulty on a similar but smaller scale. With #ReAct, the team has grown from three to eleven employees.
“The Helpline that was set up at the beginning of the containment recorded more than 700 calls from day one. We were all asked to take these calls, including services outside the House Of Entrepreneurship, and we identified what recurring difficulties the contractors were bringing to our attention. #ReAct was born out of sharing our exchanges and reflections,” tells Emilie Pirlot.
To carry out this project, the House of Entrepreneurship can count on the support of its partners: Allen & Overy, Association of Professional Coaches ICN Business School, BDO, Business Mentoring Luxembourg, clc, Deloitte, Ernst & Young (EY), Eurogroup Consulting Luxembourg (ECL), Horesca, KPMG, Muller & Associés, NautaDutilh Avocats Luxembourg, Nyuko, Soffia, Stibbe Avocats.
The use of #ReAct is entirely free of charge and available for all companies. It is in adversity that true solidarity is identified.