Do you agree? Most of our other clients do. In this economy CASH IS KING and managing your cash flow is more important than ever.
If you are concerned about the future of the economy, then take some time to reflect on where you are and what could happen in the next few months. It is now vitally important for all businesses to plan ahead for a range of scenarios. 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 flowchart the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc.) 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.
Our team is here to help clients manage cash flow by assisting with the preparation of detailed cash flow forecasts as well as helping with negotiating or renegotiating overdraft facilities and other funding options. Please get in touch if you need any assistance.
Paul Bradshaw is a consultant with A C Mole and based in our Taunton office. He can be contacted on 01823 624450 or PBradshaw@acmole.co.uk.