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Draw Up Contingency Financing Plans
– February 28, 2011
What happens if your bank is not willing to lend you money or renew your line of credit? This happens in today’s economy. Get your managers and your CPA involved in this brainstorming session and develop a “worst case scenario” for your company. What if sales dry up, production costs increase, collections fall off, the balloon payment comes due, and the bank won’t lend you a dime?
Before all these terrible things happen, you need to develop a contingency plan for securing the funds or altering your structure that will be necessary to save your business.
This is Profit Enhancement Idea #36 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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