Added: Mirlande Gaylor - Date: 19.11.2021 07:44 - Views: 48188 - Clicks: 8204
A lifeline for many businesses, the Covid support measures have provided cash boosts that businesses must now survive without. But as these measures start to be withdrawn, businesses enter a new phase of not only operating in a still-uncertain market where restrictions are not yet fully lifted, but, without the cushion of Government support.
So, what can businesses do to continue to safeguard their survival and withstand the extra pressure on their cashflow?
ProActivity spoke to Crystal BostonDirector at Foxley Kingham, about the importance of cashflow management for businesses and negotiating the tricky landscape of Covid support withdrawal. The Government support has been crucial throughout a difficult year of trading, but businesses need to ensure they can survive without it. Our advice is to get those early cashflow projections to enable the planning of liabilities and to ensure revenues are in alignment as much as possible.
Focus now on what the future looks like by organising clear financial information and records.
Now is the opportunity to forward plan. Businesses have had a turbulent time over the last year, adapting in order to survive. Many could be forgiven for being overwhelmed by the challenges still to come. Crystal comments. But the focus needs to be on the long view now, instead of what to do next week.
Focus on setting up those bank feeds to your cloud ingsetting up recurring entries and keeping scanning up to date. If time and resource is given to keeping records accurate and robust, we can see where the pinch-points are and put the right measures in place to mitigate.
What might those measures be? They are open to negotiating payment terms, so assess business outgoings to see what can be afforded. Do you need the premises you once had? Overhe are usually fixed and a huge drain on resource. Could some of your staff work from home or hot desk on a permanent basis?
With the Furlough Scheme ending in September, there will be a focus for many businesses on employees. While it is pressing that businesses consider which staff they may want to let go as furlough ends, consider instead where those staff may best be utilised elsewhere in the business. Good staff members are valuable and may be able to help push the business in a new direction.
Talk to staff and be open with them. Ask them how they think the business Love in foxley be improved. Talk to customers too. Often solutions can be beneficial to both parties. This may actually suit them better. This bodes well for continued innovation of businesses and a market ability to adapt during the reduction of Government support.
Cashflow is king. Prioritise cash over profit. With clear profit and loss and cash forecasts, enabled by up-to-date financial data, businesses can plan healthy cashflow. Not only can we run the reports you need, we can offer relevant, latest-position advice and information about help available.
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