Nothing can challenge the very existence of your business like a cash crisis. Employees are scared. Suppliers are scared. Landlords are scared. YOU are scared. Here are some tips that you will find helpful in weathering the storm.
10 tips to help survive the Covid-19 cash crisis
1. You must have good numbers (financial accounts)
3. Create weekly cash flow projections
4. Track cash daily
5. If possible try to make sure all taxes are being paid. If not avail of the tax warehousing scheme
6. Put the financial lowdown on paper
7. Don't hide from suppliers, landlords, or lenders
8. Don't over commit to suppliers, landlords, or lenders
9. Get help in the areas where you have shortcomings
10. Keep everything legal and ethical.
And most of all, during this time when the government is doing their best to provide cash to small businesses make sure you apply for all supports that you are eligible for.
If you would like to learn more, please book a consultation below and one of our team will be on hand to answer questions, and provide guidance.