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The COVID-19 pandemic and catastrophic collapse in oil prices have devastated organizations across the country and around the world. Businesses that have never experienced financial difficulties before are suddenly facing all sorts of new and frightening questions.
How do we stay in business?
How will I pay my creditors?
Will my bank still work with me?
Will I still have customers and suppliers when this crisis is over?
Will my key employees return?
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 oil prices will rebound. You simply need to use the best available and supportable information.
Your secured creditors, major customers and major suppliers 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 Licenced Insolvency Trustees 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.
Based out of Calgary, Victor Kroeger is a Licensed Insolvency Trustee and Director of Western Canada Corporate Insolvency at MNP LTD. To learn more about how MNP LTD can help, contact your local Corporate Recovery and Restructuring below.
President, MNP LTD778.374.2108[email protected]
Senior Vice-President, MNP LTD604.637.1535[email protected]
Senior Vice-President, MNP LTD780.969.1491[email protected]
Director of Corporate Recovery Western Canada, MNP LTD403.298.8479[email protected]
Director of Corporate Recovery, MNP LTD403.298.8479[email protected]
Eric Sirrs, CIRP, LITSenior Vice-President, MNP LTD780.969.1491[email protected]
Senior Vice-President, MNP LTD204.336.6235[email protected]
Senior Vice-President MNP LTD519.964.2212[email protected]
Senior Vice-President, MNP LTD613.691.4262[email protected]
Senior Vice-President, MNP LTD416.263.6945[email protected]
Senior Vice-President, MNP LTD 902.334.2005[email protected]
Suite 2000, 330 5th Ave. S.W.
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