Do you agree cash flow is the most important issue in your business? Many of our other clients do. In this uncertain economy, managing your cash flow is more important than ever.
Ideally, your business has a steady stream of incoming cash, or positive cash flow. If you’re losing more cash than you’re bringing in, however, you have negative cash flow—and that’s a huge warning sign that your business is heading toward failure. If you are concerned about future trading conditions, on where you are and what could happen in the next few months. It is important for all businesses to plan ahead for a range of best case and worst-case scenarios.
Strategies to manage your cash flow
Cash flow and business planning in these uncertain times may appear impossible, 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 and into 2023.
- 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 (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.
Overcome Obstacles to Success
Maple Accountancy specialise in helping our clients manage their cash flow. We do this by preparing and updating detailed cash flow forecasts using the latest and most powerful software. Maple can also help you negotiate or renegotiate overdraft facilities and find specific funding to help you grow.
Please talk to Maple Accountancy about cash flow planning for the next few months. We can offer a template so you can do this yourself, or work together to produce estimates for a variety of scenarios.
Here at Maple, we fully support your plans for growth. Therefore, we have developed our Business Growth Accelerator packages.
Whichever package you choose, they have all been designed to:
- springboard you to faster growth
- help you overcome any obstacles blocking your success, and
- help you to identify and seize opportunities
If you would like to to discuss this further, please contact your client manager, email us at: success@maple.uk.com, or call the office on 01332 207336.
Related reading:
Manage your cash flow post-COVID – Maple Accountants
