The impacts of the virus haven’t effected all industries equally to this point. Certainly consumer related businesses have been impacted the most so far, but business to business industries may see the effects months down the road. No need to sound the alarm, but we want to be your forward thinking advisors and provide a valuable prospective. Think about it – the slowdown of projects may not occur in the next week or even month, but undoubtedly there will be some backlash. Company cash flow may be in a healthy position currently, but new projects may be delayed, materials may not be available and collections will certainly be extended. How can you extend your cash to last?
As trusted advisors to many clients, we are recommending two immediate actions:
- Talk to your trusted advisors about new legislation that could provide cash flow in the form of tax credits or loans and
- Project your cash flow scenarios over the next 3 months.
We’re all in this together, in times like this relying on trusted advisors is a way to alleviate some of the stress.