The COVID-19 Impact on Government Contractors October 14, 2020This study is part of KatzAbosch’s ongoing commitment to conduct and share timely information to advance government contracting companies and the professionals who manage them. The COVID-19 pandemic has, as we all know, hit the industry with some unprecedented labor and financial obstacles. To get a sense of how government contracting companies are responding we reached out to our clients and contacts and invited them to participate in our peer survey.The goal was to provide general benchmarking data to local companies around the impact COVID-19 to help reinforce operational best practices and highlight planning opportunities to allow your company to thrive in the next 3 to 12 months.COVID-19 Government Contracting OutlookThe graph above represents three themes emerging from the survey. These subjects will be reviewed in further detail throughout the report:Cash FlowTo prepare for a decrease in cash flow, we recommend focusing on cost saving measures. Cost saving strategies may vary for each company. Top three for the government contracting industry typically are extend terms with vendors, right-size your expenditures and project PPP expenditures.LaborThe top labor challenges are measured. The top three challenges are telecommuting, productivity, and labor retention.SafetyEmployee safety is the top safety challenge for companies.Download the full Government Contracting Community COVID-19 Impact Report to learn more about planning strategies in the face of slowing contract wins and project completions:Reserving CashIncreasing Business Development EffortsReviewing Cost Cutting MeasuresIf you have questions or would like additional help, please contact us.Learn more about our government contracting services.About KatzAbosch: Founded in 1969, KatzAbosch is one of the largest CPA and business consulting services in the Mid-Atlantic region. As an accounting firm, our mission is to provide the highest quality accounting, tax, financial and management consulting services to our regional clients. We understand the needs and challenges of our clients and we have made it our obligation to create, grow and protect asset value. KatzAbosch is consistently named a Best Accounting Firm to Work For in Accounting Today and has been named a Top 200 Accounting Firms in the Nation by Inside Public Accounting. Our firm is also ranked among the Top 15 Largest Accounting Firms in the Baltimore Area by the Baltimore Business Journal and a Top Workplace four times by The Baltimore Sun.