Regardless of your businesses size, industry or quantity of employees, the ‘Furlough Scheme’ and other government grants have undoubtedly kept our economy going over the past six months. So with the Furlough Scheme ending in October, we simply must look at how we can manage our businesses' finances through the ups and downs that are inevitably ahead of us.
Did you know?
The latest Coronavirus Job Retention Scheme statistics revealed:
- In total, 9.6 million employees have been furloughed through the Coronavirus Job Retention Scheme for at least part of the period between March to June.
- In total more than 950,000 employees were on flexible furlough at the end of July.
- Currently a total of 1.2 million businesses are still making use of the furlough scheme.
The loss of this financial support combined with uncertain trading conditions, geographical lockdowns up and down the country and the fear of the unknown, it is a given that cash flow is at the pinnacle of your mind as a business owner.
Five top cashflow tips:
Monitor your money: Use resources such as QuickBooks Online, Receipt Bank and many others to really examine where your money is going, when it is going/coming in and these useful applications make it simple to generate cash flow reports. In addition these applications make it easier to store confidential information regarding your accounts and you can even use them on the go!
Lease equipment over purchasing: Inevitably all businesses need a variety of resources regardless of your trade, profession or industry. It is more critical than ever to look at leasing options as this may be equipment that you only need for a short period of time. Whether this is a pool car getting your employees around or perhaps tool hire? There are endless options out there.
Cut away at those unnecessary costs: Focus on recurring monthly, quarterly or annual expenses. Can you cut back on utilities, rent or payroll? Are you spending money on subscriptions, services you’re not using or insurance you no longer need? Can you renegotiate the terms of outstanding loans or leases? Keep an eye out and save where you can.
Stay on top of outgoing and incoming invoicing: Now is the time to get the magnifying glass out and inspect which invoices are outstanding. Make sure invoices are sent out immediately when someone uses a service of yours - why wait? Find out the specific person, job title and address to send your invoices to so they don’t get lost within a business.
Make the most of free resources: There are so many free applications to help manage your finances, run elements of your business and guide you through tough times so take the time to research away. Whether this is a marketing software or simply a form of social media to promote your business in the best possible way, make use of it.
How can we help?
We understand that there is almost too much information out there at the moment but the key is to be information savvy not information swamped. In order to help you with managing your cash flow we are hosting the perfect webinar to put your mind at ease.
On Wednesday, September 21st between 12.30pm - 1.15pm our FREE webinar will take place alongside Freedom Works members Anthony and Charlotte Davies who run PrimoTax.
Anthony has spent over 15 years providing tax planning and has worked in top accounting firms. He uses this knowledge to ensure that his clients structure their businesses in the most tax efficient way. Charlotte is the client services director. She is responsible for ensuring that Primotax provides the best possible service to their existing and new clients.
A combination of information savvy professionals with a like-minded community is the perfect recipe for success. What are you waiting for?
For more information on the webinar visit: https://chichester.freedomworks.space/en/events/view/1386348984/managing-your-cash-flow-in-a-crisis
To sign up click here: https://zoom.us/webinar/register/WN_8nG6PqnxSq2F5FbYqosO_Q