Declan Taite Discusses How Businesses Can Navigate Adversity and Weather the COVID-19 Storm
Declan Taite, Managing Director in Duff & Phelps Ireland’s Corporate Finance practice, was featured in InBusiness discussing how COVID-19 has forced small and medium-sized enterprises (SMEs), funders and lenders to rethink their business models and explore options to help manage unexpected debt and cash flow challenges.
Declan commented: “The first thing I’d advise would be to make sure companies benefit from whatever support packages and grant aiding is available to them.”
He continued, “The various support packages, particularly the Temporary Wage Subsidy Scheme and the recently introduced replacement, The Employment Wage Subsidy Scheme, are lifelines to SMEs at the moment. The challenge a lot of businesses will have will be the impact on working capital within those businesses once those packages are withdrawn.”
“Cash is the lifeblood of any business. Businesses don’t typically fail because they don’t make profit, they fail because they run out of cash,” Declan concluded.
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