CRISIS: Coping financially with COVID-19

Stage: CRISIS

Right now what are the key areas financially?

These may be obvious but what requires focus?

Communication

• Do the right people know what is going on?

• Stakeholders. The bank, suppliers, customers, investors, the board, any others?

• Messaging. CFOs give bad news as well as good news. Who needs to know what?

Cash

• Short (very) term cash flow forecast. The next week ahead. This can be as simple as a list of inflows and outflows with due dates

• Can you delay payments or break them down into smaller amounts (e.g. annual software payments to quarterly)?

• If you don't have a medium/longer term forecast, could you build one or get help?

• Cash preservation and finding other ways to raise it (factoring invoices or assets)

• Government schemes. Bounce Back Loans.

• The bank. Regular updates might make difficult conversations later easier