Short term cashflow opportunities for businesses
Cashflow is a key area for concern during the current economic difficulties and we can’t just rely on government schemes to ensure the security and future of our businesses. This article will outline avenues business could explore to help with short term cashflow.
It is essential to have a clear and structured understanding of your cash flow position as a business at this time, so that you can understand if you have a need for short term funding. Once you have a clear view, you can begin to work out a funding strategy specific to your business and potential future scenarios.
Current short term cashflow management measures might include:
- Deferring projects and associated costs
- Deferring dividend or bonus payments
- Using the government’s Job Retention Scheme
- Requesting a time to pay arrangement with HMRC
- Agreeing extended payment terms from suppliers (including your landlord)
- Chasing outstanding invoices
- Insisting on payment on delivery from your customers
- Requesting a payment holiday or temporary increase in funding from your bank
- Apply for a small business grant
- Apply for a Bounce Back Loan
- Implement an online sales system if applicable (click and collect if you cannot set up delivery systems fast enough)
- Concentrate on new business in less affected industries
If you are looking at mid or longer term financing options, take a look at the corporate finance services that we offer our clients:
If you have any questions regarding managing your business’ cashflow at this time please do get in touch with your Swindells partner who will be able to discuss your situation and advise you further using our mobile contact details on our home page.
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