THREE WAYS TO MANAGE A CRISIS

Navigating uncertain times requires bold decisions, creativity, and a focus on moving away from fear-based reactions. Emphasis should instead be concentrated on cash management, managing working capital, operational expenses, crisis management and supply chain risk management. Richter understands how to navigate a crisis, regardless of its scale, we are here to help. Together, we’ll create the solution.

Our trusted professionals have helped companies through innumerable crises. We are here today as a multi-service firm that assists business owners and executive management through trying times. While no two crises are the same, leveraging our expertise to your benefit can help you navigate through all types of situations – whether it concerns your business or impacts an entire industry.

When it comes to your business, there are three areas that should be given focus:

#1. CASH FLOW MANAGEMENT

• Cash conversion is key. Your organization should be thinking like a CFO.
• Manage your working capital and your supply chains: create a communication plan and work with your creditors.
• Look at alternative financing options and take advantage of government subsidies and tax deferral opportunities.

#2. STAKEHOLDER MANAGEMENT

• Communicate with your lenders and recognize their importance as key stakeholders in this crisis; engage with them as part of the solution.

#3. UNDERSTAND YOUR OPTIONS NOW

• During a crisis your options start to narrow with less time and liquidity. It’s important to take the time as soon as possible to look at all your options before you are left with none.

Managing a crisis may not a be skill set many companies are comfortable with, nor understand how to implement – we are here to help. Our professionals have led some of North America’s largest turnarounds and have strong relationships with Canadian and U.S. lenders and equity participants. We can provide you with seamless support across borders.

Lead and engage now. The market understands the challenges that are present, those with a game plan now can increase their chances of weathering this storm.