The Australian Bureau of Statistics (ABS) recently conducted a survey to understand the business impacts of COVID-19. The survey results show that one out of three companies are facing a cash crunch. These companies reported a steep revenue decline and say that they will survive for less than three months in the current environment. Based on the survey, the Australian Financial Review published a story with inputs from industry experts and their thoughts on the scenario.

Brett Lord, Managing Director in Duff & Phelps’ Global Restructuring Advisory practice, said that cash flow has been under pressure since the beginning of COVID-19. He added, “While we are still a few months away from the government stimulus being switched off, businesses should not wait until then to seek professional advice and prepare for what is to come”. 

Brett provided further details on the key measures that can be taken to minimize cash crunch such as examining liquidity and inventory, reviewing the availability of trade credit, particularly, if suppliers are operating on different terms. He stated that in some cases, it is important to implement fundamental shifts to business models.

Read the full article here.

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