To say that our small business community has been rocked by the covid-19 pandemic would be an absolute understatement. As the situation continues to evolve, we know that many of you have already had to make the difficult decision to close your doors. Others yet have been mandated to do so indefinitely.
For small, independent, local, family-owned businesses this will challenge your cash flow. To what degree remains to be seen. With this in mind, we urge you to use this time to evaluate your financial position. For how long can you manage to be closed? To what degree will you be impacted? What advice do you need to make informed decisions with the information that is currently available to you? We encourage you to use our cash flow projection tool found here in our forms section.
A cash flow projection is a tool that shows the expected amounts of money that will come into a business as well as the expenses associated with those sales. This is typically shown using monthly projections over 12 months period. The tool can be used to foresee where cash flow will be tight, or even too short to cover projected expenses.
Once you understand your current and projected financial situation, it’s a good idea to get in touch with anyone necessary in order to discuss your options. This could include credit cards, utility providers, suppliers and mortgage providers. The sooner your discuss your needs, the longer you’ll have to find solutions.
Although our office is currently closed, our staff continue to work from home and are committed to serving you via telephone, e-mail or video call. If you aren’t sure where to turn or what resources are available, please reach out so that we can discuss your options and direct you to the appropriate supports. For starters, we would be more than happy to help you work through your cash flow projections and discuss how to move forward.
In the meantime, the Government of Canada will continue to update the following information detailing the resources available to Canadian business. You can stay up to date on these announcements here.
We would be happy to walk through some solutions with you. Please reach out to anyone on our team:
Luigi Basacco Lindsay Wilson Allan Simm
lbasacco@cfoxford.ca lwilson@cfoxford.ca asimm@cfoxford.ca
