5 Cash Flow Tips For Today
Cash flow, the lifeblood of business, is often a challenge when business is going well. It’s even more of a challenge during these current circumstances with lockdowns, shutdowns and people staying at home.
1. Make lists of what you need to buy
Time to Batten The Hatches for Your Business Survival
There are new initiatives are being announced by governments on a daily basis. Wherever you are, find out what they mean for your business and act accordingly.
There are also a number of measures you can take irrespective of how the initiatives may impact your business.
1. Think outside the box
How can you do business differently and keep your doors open for business survival?
I was talking to a client who sells products in the disability sector. They are already finding opportunities to provide online services to their customers which previously would have been provided in a face-to-face environment by health professionals who are faced with isolation requirements.
We talked about what would happen if one of the staff in the office became infected thus requiring the entire team to self-isolate. I suggested finding someone they trusted who wasn't on the team who could go into their office. Then whilst they were there instruct them on what to do to send out orders.
If there's a...
7 Tips to Deal with Cash Flow during Coronavirus
Now more than ever, we need to be smart about how we do business. Here are my top 7 tips for dealing with cash flow to ensure business success:
1. Review your expenses.
- Is it essential?
- Is there a less expensive alternative that will provide the same result
- Can we do without this for a period of time whilst we ride out the current challenges?
2. Aim to put 10% of your income aside into a savings account to build a stash of cash.
Find out where the pressure is in your business
The Business Barometer will measure your business finances across three critical areas: Core Concepts, Focused Management and Planned Growth.