Cook & Company
300, 160 Quarry Park Blvd SE T2C 3G3 Calgary, AB, Canada

Reach out to customers and confirm that existing and planned orders are still on track. If they owe you money, discuss the ability to pay and the timing of payments. Offer markdowns if they can pay you quickly. You may have to defer production or loosen repayment terms. Ask customers if they need anything else. With businesses closed and supply chains compromised, there may be a new opportunity for your company. Click for more information on managing business debt during COVID-19. https://cookco.ca/managing-small-business-debt-during-covi/

Communicate with suppliers to confirm whether existing purchase orders will be filled on time. This will help you manage your customers’ expectations and update your cash flow plan. Try to negotiate deferred payment terms for payables. Click for more information on managing business debt during COVID-19. https://cookco.ca/managing-small-business-debt-during-covi/

Business owners have two choices: try to save the business while attempting to settle outstanding accounts, or allow the business to fail with an exit strategy that minimizes the financial consequences. Click for information on managing business debt during COVID-19. https://cookco.ca/managing-small-business-debt-during-covi/

The Canadian Federation of Independent Businesses estimates that, if and when revenues return to normal, it will take most Alberta small businesses 1 years to recover. Click for information on managing business debt during COVID-19. https://cookco.ca/managing-small-business-debt-during-covi/

Undertake proactive measures to protect your business computer, network, data, and website from cyber-attacks. Click to learn about cybersecurity and your business. https://cookco.ca/cybersecurity-and-your-business/