Help in Difficult Times

No, I’m not going to write about the dreaded new ‘C’ Word today, as you’ve probably like me received dozens of e-mails already on that topic!

As my Clients have been asking me about what they should do now, what I am writing about today is how you can help your own business over the next few weeks until further financial support is available to you.

Cashflow Management is the Key.

Consider the impact of the following;-

·         Customers paying more slowly –and not just the small ones!

·         Bad Debts due to business failure.

·         Fewer new customers.

·         Risk of customers moving to lower priced competitors.

·         Customers asking for lower prices because their profits are hit.

·         Look at payment terms.

·         Offer customers more time to pay.

·         Cut out non-essential expenditure.

·         Delay capital purchases.

·         Finance all capital purchases.

·         Avoid discretionary costs.

·         Contact your bank –if you have an overdraft, can it be converted into a loan?

·         Loan holidays.

·         Alternative funding for the business

·         Bookkeeping, VAT and Payroll –can our accountant help us?

Of course, some of these points have been considered in the latest March Budget and subsequent briefings but until further support in the shape of Grants and Low-interest Loans etc. reach you via Government Bodies and Local Authorities, please bear these points in mind and hopefully we will soon be permanently free of, at least this, ‘C’ Word!

Ar Cooper Curtis we have worked with Companies developing their plans and not just the financials, which are important, but also helping them to maximising their true potential.