As a business owner, there’s some key things you need to focus on right now – cash flow crisis management and financial management.
Follow our eight-step process 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 Australian Tax Office tax relief options that may be available to you.
- Review existing finance arrangements. Have discussions early so you can plan.
- 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.
- 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 difficult times.
Katrina Brennan, Principal, SRJ Walker Wayland Business Growth Advisors, Accountants and Auditors, Level 2/2 Innovation Parkway, Birtinya, 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.
