Talk to a BDO advisor today to address all your real estate and construction recovery needs. We can also assist with risk advisory, Canadian tax, digital strategy, forensic accounting and outsourcing.
With the world shifting to a new state of risk awareness, real estate and construction companies will need a rapid recovery strategy to become more resilient in the post-COVID world. We share five actionable steps that building owners, operators and contractors can take today to prepare for the new normal.
Read our infographic to find out how.
5 tips to help real estate & construction companies recover from COVID-19
Here are five rapid recovery tips that real estate and construction companies can use to hit the ground running after COVID-19.
1. Take advantage of government incentive programs
- Get government guidance and relief from current major federal/provincial programs, so you have the cash flow to support your business.
- Work with BDO to ensure you apply for the correct programs and complete the applications accurately.
2. Review tax and cash flow considerations
- Contact BDO Tax teams to get advice on calculating covenants, review cash flow models, and advise on calculations.
- Consider specific tax ideas such as estate refreeze/thaw, and family trust restructuring.
3. Implement or revise crisis management plan
- Many real estate and construction companies that closed during the pandemic did not have a crisis management plan. Don’t let this be you!
- Work with BDO to ensure strategies are put in place to manage future crises proactively.
4. Conduct a business continuity risk assessment
- Take inventory of contracts (suppliers and customers), review terms and conditions, understand contractual obligations and contractual risks.
- Review insurance policies, maintain accurate records, and document impact.
- Mitigate risks to companies.
- Work with the BDO Risk Advisory team to ensure all potential exposed risks are being accounted for.
5. Identify digital opportunities
- Build capacity to respond to new ways of operating.
- Achieve profitability and stabilization objectives.
- Address operational inefficiencies and cost constraints.
- Save time, money, and effort by taking a systematic approach to digital initiatives.