In the current climate, never has cash flow been so important and the saying ‘cash is king’ been so true and in this episode Shaz shares some great tips on how you can keep your cash at the moment and be in a great position when things start to move again.

He explains the vital importance of tracking all money through your cash flow forecast and undertaking regular reviews of all aspects of your business.

With many elements to any business it’s vital to closely examine every payment and service to ensure you are running your business in the most efficient way.

This will mean when there are tough decisions to be made and difficult times you know exactly where your money is, putting you in a great position to move quickly when the world moves forward and the opportunities start coming.

 

KEY TAKEAWAYS

• Complete a cash reconciliation every day and have a cash flow forecast.
• Speak to your suppliers to agree payment dates, it’s vital to keep communicating.
• Speak to your accountant, they will be able to advise on the grants and funds available to small businesses.
• Stress-test your business by considering different possible scenarios moving forward, this helps you to see exactly what things will look like and you will know exactly when the money will run out.
• Your cash flow forecast will help you to know when you should be furloughing your staff.
• If you have investors and stakeholders it’s important to keep them informed and on board with you on your current business journey.
• Look at what you can put on hold, only make the cuts you need to, it is possible to make so many cuts the business can’t survive.
• You need to preserve cash because there will be many opportunities moving forward and those who are quick to move will be able to grow their businesses quickly

 

BEST MOMENTS

Keep a tight eye on what’s going on

‘Get ready for the upside when it comes’

‘Review your management accounts regularly’

 

 VALUABLE RESOURCES

[email protected]

 

ABOUT THE HOST

Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.

You can find Shaz on:

•   Facebook
•   LinkedIn
•   Instagram
•   YouTube.