How to manage your cash flow during COVID-19
Cash flow has been disrupted for many businesses by the impact of COVID-19, finding ways to manage your cash flow during these difficult times has never been more important.
We've put together some immediate actions you can take to help you take control of your cash flow.
Check your business insurance
Your insurance might cover you if your business has to stop trading indefinitely. Check your policy wording as you may have something called Business Interruption Cover.
Take up Government support
The UK government has announced a package of measures aimed at supporting businesses through COVID-19. This includes policies focused on maintaining business liquidity. From a Coronavirus Job Retention Scheme to small business grant funding and Business Interruption Loans. You can find all of the measures in place here.
Ask for payment
Make chasing outstanding invoices a priority and don't be afraid to ask for early payment from customers. If you're able to, offer a discount for early payment, this provides a quick cash injection when most needed.
Speak to your creditors
Creditors are more likely to understand if you're not able to repay on the agreed terms, so negotiate a more flexible payment plan.
With Coronavirus set to have a significant and prolonged impact on most businesses, keeping cash flow under control is going to be increasingly difficult.
To help you deal with these issues, tenants at our Ribble Court Business Centre in Padiham, Simply Corporate - Business Rescue & Recovery are offering free advice and guidance to struggling businesses.
They are renowned independent corporate rescue and recovery specialists, that specialise in business turnaround, working closely with directors of small to medium-sized businesses that are experiencing any form of cash flow or financial challenges
- Free consultation
- Fast turnaround
- Experienced friendly advice
- Confidential & secure
Their goal is to make it as easy as they can for businesses like you to get the help and advice that you need when you need it.
If your company is suffering and you require further help and advice, you can contact them by phone 01282 222420 or email firstname.lastname@example.org or by answering the Quick Assessment form on their website and one of their friendly team will either call or email you straight back.