Day after day, update after update – we are all trying to keep up. From small business to large organizations, the impact of COVID-19 is starting to become very evident. Most businesses have taken the first immediate steps to adapt, are you one of those business owners? What are the next steps when it comes to sustaining yourself and your business?
As businesses start to receive more information and financial support when it comes to sustaining themselves during this time of uncertainty, our mindset must follow suit by implementing proactive and not reactive strategies. Adapting to this current climate sure isn't easy, but if we can start by conquering this time with a holistic approach, adapting together - it will make for a much more prosperous future for many businesses. For more on the effects of COVID-19 we invite you to check out our dedicated COVID-19 resource page from our partners governmental, public & private on our SBX NOW & NXT page.
Sandbox Centre, in partnership with Barrie Chamber of Commerce, invited guests to join our sponsor BDO Canada as they discussed managing budgets and cash flow. Listen in below to hear from BDO Canada Partner Clark Lonergan as he takes us through how your business can benefit from business risk assessment and the importance of liquidity management and stakeholder management.
Now is the time to be PROACTIVE, not REACTIVE!
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https://www.youtube.com/watch?v=qsr5QZv5Qfw&feature=youtu.be
Watch to learn:
- Be pro-active not reactive – doing nothing is not an option!
- Identify what should be keeping you up at night and actively plan to mitigate those items.
- Run pessimistic scenarios to your business plan to avoid bad surprises.
- Maximize cash and available credit to buy your organization time and ultimately position yourself to be a buyer.
- Lead your stakeholders through this process to maintain control. Too much information can be a bad thing.
STay up to date on the changing face of business
About the presenter:
Clark Lonergan, Partner
Clark joined BDO in 2018 to help grow their Advisory and Consulting practice, here in Toronto. With a wealth of experience and specialized knowledge in his repertoire, Clark combines strategic and tactical financial expertise with strong qualifications in formal and informal restructuring, operations and P&L management. Skilled at integrating finance with core operations, Clark is an invaluable resource to clients undergoing changes in their business.