International markets have reacted dramatically to measures taken to prevent the new coronavirus epidemic, and uncertainty about the duration of these measures risks leading the world economy into recession.
In this context, it is good to know that a well-developed business continuity plan increases, by at least 30%, the chances of a company to cope with a crisis like the one we are going through these days, when everyone is trying to adapt and continue their activity one way or another, by adopting solutions for maintaining essential business processes running.
If face of economic challenges, it is still possible for Denver contractors to thrive, but it is important to learn how to avoid deadly mistakes. The pandemic effects will not end up too soon, and contractors will experience cash stresses at different levels.
There are a few things that can help:
- Purchase materials with longer payment terms. This will allow you to cash needs on jobs throughout the year.
- Inspect slow-paying accounts; they might be eligible for quick cash.
- Apply for working capital loans, even if you do not need it right now.
- Jump on SBA Loans and get more money to help you run your business.
- Increase your cash cushion