2. BUSINESS CASHFLOW MANAGEMENT
Even profitable businesses can go broke if they do not effectively have a cashflow management strategy in place during the economic downturn.
Cashflow Management represents one of the major concerns of business owners, with 92% frequently experiencing stress as a result of it, and a significant amount having to source additional funding, reduce their operations, and even take pay cuts to accommodate it within their business.
Cashflow Management problems have now been worsened by the economic downturn. There are now fewer customers and leads and increased operating costs for local businesses. Knowing how to manage your business’s cashflow is critical. In fact, the key to surviving is strategic cashflow management.
Top 4 cashflow management strategies:
- Set goal-oriented budgets
- Focus on increasing sales and income
- Avoid easy tactics like discounting, which can be dangerous to business profitability.
- Reduce the cashflow cycle
We will work through our 22 cashflow management strategies to identify the areas that will deliver maximum benefit for your business.
Cashflow management represents the lifeline of all businesses, and with the right resources and support, businesses can ensure that their cashflow is effectively managed for survival through any downturn.