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5 Cash Flow Tips For Today

Apr 20, 2020

Cash flow, the lifeblood of business, is often a challenge when business is going well. It’s even more of a challenge during these current circumstances with lockdowns, shutdowns and people staying at home.

 
My 5 tips for today to help you through the next few weeks:
 

1. Make lists of what you need to buy

My parents are both 94 years of age and between my sister and my husband we’ve been doing their food shopping for them. They have always written shopping lists for as long as I can remember.
 
But what’s really interesting, is they told me the other day that they are spending less money than usual. Why? Because even though they’ve shopped with a list, when they’re in the shops themselves, they’ll see something that wasn’t on the list. It may be something that they need. Or it may be something they think they could have that for lunch one day for a change. So each week, they’d buy more than was on their list.
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Time to Batten The Hatches for Your Business Survival

Mar 22, 2020

There are new initiatives are being announced by governments on a daily basis. Wherever you are, find out what they mean for your business and act accordingly.

There are also a number of measures you can take irrespective of how the initiatives may impact your business.

1. Think outside the box

How can you do business differently and keep your doors open for business survival?

I was talking to a client who sells products in the disability sector. They are already finding opportunities to provide online services to their customers which previously would have been provided in a face-to-face environment by health professionals who are faced with isolation requirements.

We talked about what would happen if one of the staff in the office became infected thus requiring the entire team to self-isolate. I suggested finding someone they trusted who wasn't on the team who could go into their office. Then whilst they were there instruct them on what to do to send out orders.

If there's a...

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7 Tips to Deal with Cash Flow during Coronavirus

Mar 15, 2020

Now more than ever, we need to be smart about how we do business. Here are my top 7 tips for dealing with cash flow to ensure business success:

1. Review your expenses.

Firstly, let's look at your business costs. For each items ask yourself these questions:
  1. Is it essential?
  2. Is there a less expensive alternative that will provide the same result
  3. Can we do without this for a period of time whilst we ride out the current challenges?
Secondly, do the same with your personal/living costs. By reviewing both business and personal expenses, the aim is to reduce their drain on your cash flow.

2. Aim to put 10% of your income aside into a savings account to build a stash of cash.

This is difficult to do and a bit like the mantra of "pay yourself first before you pay your bills". If 10% is just too hard as your cash flow is already very tight, start with 5% or even 2%. It may not be much but every dollar saved, may save the day in the future.
 
Do you remember the Christmas...
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