You may think twice about discounting when you see how much you’re giving up. Download… Read More
There are a number of things you can do to reduce the impact of the Corona virus on your business. Short-term there are subsidies and actions to minimize the damage while long-term you may need to rethink how your business operates. A business usually gets some advance notice that all is not well: sales start… Read More
For some businesses it’s too late for survival. If your sales have fallen off a cliff and customers have cancelled, postponed or are no longer there, then there is no easy solution. All you can do is to try and delay ground zero (you run out of cash and have to close) for as long… Read More
If you are struggling to find customers due to an unexpected crisis, the need to avoid running out of money is critical to keep the business trading to buy time to recover. Here are some ways to create a stronger business. Build short-term cash reserves If you don’t have cash savings then you may be… Read More
This Recovery Checklist covers a number of ways you can rebuild and grow your business, from seeking new customers and new product or service development, to increasing your profit. 1. Focus on existing customers It’s likely your existing customers will be the best source of continuing business after any crisis. Target your best customers with… Read More
If your business is under extreme financial stress, then time can run short to develop long-term plans for recovery. If access to money is all you need and the core demand is still sound, then you’ve more options compared to a business which is failing to cover overheads and no improvement is in sight. Here… Read More
Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer… Read More
For business start-ups, the most important thing to remember when it comes to accounting is that you need to be able to see at a glance what your cash position is. There are several different ways a small business can go about its accounting tasks, but the common factor in all of them is documenting… Read More
The first thing you need to identify is why you’re operating at a loss. If you’re still in the start-up phase and you know it will take time to break-even then it’s probably ok. But if you’ve been operating for a time, sit down and try and determine why. Is it: The loss of a… Read More
It makes sense to be aware of and track your main financial indicators. The more you observe what the numbers are doing, the faster you’ll see what’s working and what isn’t, so you can take immediate action. There are six main business measurements that will give you a regular snapshot of how your business is… Read More