Would be nice if we all had built cash reserves to deal with the kind of uncertain economic time we are living in at the moment. Truth is most of us haven’t built up the necessary cash reserves.
Here are a few things small businesses can do today to help themselves:
- Ask debtors to pay quicker than they normally do
- Ask the creditors if it is possible to push the payment explaining your situation
- Have an honest chat with your team and be 100% transparent if their hours need to be cut and explain why and keep them in the loop as things change.
- Look for new sources of revenue
- Post pone the discretionary expenses
- Check your insurance policies if you have some sort of business interruption insurance in place
Category: Small Business