How’s your cash flow?During this difficult time, is your revenue likely to be reduced? If yes, how will this impact your ability to pay your suppliers or repay any debt?
Cash flow management is tricky at the best of times but even more important right now.
Try to stay on top of your cash flow and update and review it on a regular basis.
Stay on top of your financials - monitor your debtors, creditors, overheads and profitability - and review your expenses to see if there are any savings you can make during this period.
How are your customers being affected by CV-19? Could they pay early, can you offer discounts? If you're aware of their financial positions you can work together to negotiate how and when payments can be made.
When it comes to your suppliers, again, good communication means you are more likely to be able to work out longer payment terms thereby helping you to preserve your working capital.
The government has put some financing options in place for the self employed a...
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