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Public NextBlink As Double

'The cell that you want to blink
Public Const BlinkCell As String = "Sheet1!B2"

'Start blinking
Private Sub StartBlinking()
Application.Goto Range("A1"), 1
'If the color is red, change the color and text to white
If Range(BlinkCell).Interior.ColorIndex = 3 Then
Range(BlinkCell).Interior.ColorIndex = 0
Range(BlinkCell).Value = "White"
'If the color is white, change the color and text to red
Else
Range(BlinkCell).Interior.ColorIndex = 3
Range(BlinkCell).Value = "Red"
End If
'Wait one second before changing the color again
NextBlink = Now + TimeSerial(0, 0, 1)
Application.OnTime NextBlink, "StartBlinking", , True