Cash is King

Uncertainty has been the buzz word for the last couple of years, and in economic terms that doesn’t look like it will be changing any time soon! In uncertain times, cash is king and therefore managing your cash flow is more important than ever.

It is now vitally important for all businesses to take some time to plan ahead for a range of scenarios. The ongoing impact of Brexit is still unclear, and it is far from certain what will happen in terms of pandemic measures as we move into the Autumn flu season. On top of that the impact of war in Ukraine is being felt more and more. Cash flow and business planning in these uncertain times may appear difficult but there are some practical steps you can take to minimise potential disruption to your business.

• Review your budgets and set realistic and achievable targets for the remainder of 2022.
• Get your employees involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues.
• Review and flow chart the main processes in your business and challenge the need for each step.
• Put extra effort into making sure your relationships with your customers are solid.
• Review your list of products and services and eliminate those that are unprofitable or not core products/services.
• Pull everyone together and explain the business strategy and get their buy-in.

Please talk to us about cash flow planning for the next few months. We can help with a template so you can do this yourself or work together to produce estimates for a variety of scenarios. We can also help you negotiate or renegotiate overdraft facilities and find specific funding to help you grow.