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As the economy reopens and we get back to work, we need to be proactive in protecting our businesses. COVID-19 has left its mark across all industries, and oil and gas has been hit particularly hard. Many organizations are asking hard questions and there are key considerations for oil and gas companies as they plan what comes next.
Your trusted clients that previously honoured your payment expectations are feeling the impact of the pandemic. How do you know if they can still pay for your work? Can they make payments on the same timelines as they did prior to the pandemic? Have honest conversations with them, discuss what may need to change and adjust your plans accordingly.
You may also want to change payment arrangements. Consider getting paid up front or create ongoing payment plans to mitigate financial risk.
Oil and gas organizations can hold on to their assets too long. Typically, they’re resistant to sell assets for less than what they paid. This approach limits your organization’s potential.
As you create recovery plans, evaluate the importance of individual assets and the likelihood you’ll need them in the near future. Cash could allow your business to be more dynamic and adapt to where the demand is.
Accounting and finance teams add new levels of value as you develop your path forward. To understand what comes next, work with your accountant to create cashflow forecasts and operate your business within that forecast. This planning step allows you to move forward with confidence and know what success looks like.
You can take your forecasting to a deeper level with variance analysis. Examine what paths you could take and the impact of the bottom line. This will help you exploit profitable opportunities or eliminate inefficient projects or activities.
Many business owners are strong on the operational side and leave the financials to other team members. Now is the time to familiarize yourself with financial information and options so you’re prepared to have conversations with creditors and create solutions. Without a deep understanding, you risk investing more money in something that is unlikely to help you reach your goals.
Sometimes otherwise viable companies need a break from paying creditors on their terms or generally need to reduce their overall debt levels. To do this properly and fairly to all stakeholders you should contact a Licensed Insolvency Trustee to understand the options available to you.
To learn more about strategies for protecting your organization, contact Victor Kroeger, CIRP, LIT, CPA, CA, CFE, Senior Vice President, Corporate Insolvency, at 403.298.8479 or [email protected]
For more insights and strategies to help you navigate COVID-19, visit our Business Advice Centre at MNP.ca/COVID-19
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