The impacts of the virus haven’t affected all industries equally to this point. Think about it - the slowdown of projects for contractors 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? 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 worst, best and most likely cash flow scenarios over the next 3 months.
Meadows Urquhart Acree & Cook, LLP has developed a free cash flow tool that could help you in this process. We’re all in this together; in times like this relying on trusted advisors is one way to alleviate some of the stress.
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