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The COVID-19 pandemic and ongoing economic shutdown have dealt a devastating blow to the real estate and construction sector. Millions of people are out of work or have lost income and thousands of business have had to temporarily shutter. Many of these tenants will require temporary rent deferrals or reductions. There has also been a significant slowdown on property sales — as well as lingering questions around whether builders should keep construction crews working and the costs of suspending projects.
The knock-on effects for agents, landlords and developers have been sudden. And without a clear timeline for when or how the crisis will end, businesses that have never experienced financial difficulties before are suddenly facing all sorts of new and frightening questions:
How do we stay in business and service our debt?
How will I finance the completion of any construction projects?
Will my lenders still work with me?
Will I still have customers and tenants when this crisis is over?
Will my key employees return?
Will my contractors still be in business?
The social, economic, political and personal hardships resulting from COVID-19 are unprecedented in our lifetime. But what can you do about it?
The global situation is dire, but there likely isn’t a lot you can do to change it. Instead, look to the immediate challenges your business is facing and solutions you can implement right now to address them.
Cashflow forecasting is always important, but it’s paramount when times are tough. Three-way budgets that tie in income statement forecasts with cash flow and balance sheet forecasts are the best, as this allows for scenario (what if) analysis.
Forecasting is always difficult — especially with question marks around when the pandemic will end and when business operations reopen. You simply need to use the best available and supportable information.
Your lenders, customers / tenants and major suppliers / contractors need to know how the company is responding to the current situation. Be proactive and advise them of any issues and your plans to address them.
Everyone will not always agree with your strategies and actions. But they will appreciate learning about them up front much more than they will as an unpleasant surprise later on.
You need to know what your options are to deal with any financial difficulties your company is experiencing. The earlier you can bring these options forward the more potential solutions may be available.
The following checklist can help you understand where your business currently stands — and what you can do to improve your resilience during this difficult time:
MNP LTD has Chartered Insolvency and Restructuring Professionals across the country who specialise in corporate recovery and restructuring. They are available to consult with companies about the available options to address financial difficulties and to assist in preparing forecasts. For more information, a full list of regional contacts is available below.
To learn more about how MNP LTD can help, contact your local Corporate Recovery and Restructuring advisor below.
MNP LTD Corporate Recovery and Restructuring contact.
Grant Bazian, CIRP, LITPresident, MNP LTD778.374.2108[email protected]
Victor Kroeger CPA, CA, LIT, CIRP. CFE Director of Corporate Recovery Western Canada, MNP LTD403.298.8479[email protected]
Eric Sirrs, CIRP, LITSenior Vice-President, MNP LTD780.969.1491[email protected]
Derek Cramm, CIRP, LIT, FCIRP, FCMA, CPA, CMA Senior Vice-President, MNP LTD 902.334.2005derek.cram[email protected]
Strategies and tools to help your company navigate the coronavirus crisis, stay resilient and take the next steps towards recovery.
Related Topics:Business Resilience; Crisis Management
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