As a business owner, there are some key things you need to focus on right now: cash-flow management and financial management.
Follow our steps below to ensure your business is best placed for success.
- Prepare a monthly cash-flow forecast for the next 12 months. Monitor it regularly.
- Maximise cash flow by accessing all eligible federal, state and local government support.
- Review ATO tax relief options that may be available to you.
- Review existing finance arrangements and make sure you are receiving the best deals.
- Review your trade terms to bring forward cash receipts and defer cash payments.
- Conduct a waste audit on your business to improve efficiencies and reduce costs.
- Review your business and personal insurances to make sure you are protected and getting good value.
- Consider alternate revenue streams or markets that may be available to you.
- Constantly review and reassess.
These steps will be crucial to ensure your business sustainability during these times.
Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, 1 Allen Street, Moffat Beach, 5301 9957, srjww.com.au
This column is part of our Business 2 Business (B2B) series featuring industry leaders sharing their expertise. For more great articles, SUBSCRIBE to our FREE news feed, direct to your inbox daily. All you need to do is enter your name and email below.
