As the federal government comes perilously close to running out of funding by the end of September, fears of a government shutdown are becoming a stark reality for the federal contracting community. This particularly contentious time in the House of Representatives only adds to the brewing storm, increasing the likelihood of a shutdown even further.
It is critical for businesses, especially federal contractors, to prepare for such an eventuality. While the overall economic fallout can be hard to predict, taking a proactive approach can certainly minimize the negative impacts on your individual operations.
To help mitigate the possible adverse effects of a government shutdown, there are certain key steps your business can take.
- Understanding the terms of your contract(s): Being familiar with the terms will help you anticipate potential vulnerabilities and plan accordingly.
- Prioritize communication: Regular updates to your staff, clients, and shareholders can help maintain confidence during uncertain times.
- Preparation for potential labor and employment issues: A shutdown could lead to complicated labor and workforce issues that should be addressed ahead of time.
- Build up a reserve: Setting aside some budget to weather the storm can help counterbalance delays in payments or unexpected costs.
While a government shutdown could raise waves of uncertainty, properly preparing for such an event can prevent your business from suffering unnecessarily. Read the full analysis here to help ensure your business remains resilient in such tumultuous times.
Collaboration: PilieroMazza PLLC