We are not sure how much longer this situation is going to last. You may be thinking and feeling unsure on how much longer you and your business can last and what the overall impact is going to be on you and your business.
You may also be feeling uncertain about what happens if you don’t get paid and you can’t then pay your bills, the uncertainty of whether you can stay in business and what happens next!
Now is the time when you want a quick easy reporting system so you can identify how much money you need by when and how to control the flow of money through your business. You want to be able to quickly identify which expenses to minimise and where to focus spending to get the best possible returns.
Simple Dashboard & Reporting
One of the first things you need to do is to know exactly where you currently stand financially and what money and funding is available to you and your business. This will enable you to know where you stand each week, so you can make informed decisions and be ahead of the game.
Get Paid Now
I know it sounds obvious but there is no point in getting in the work and then doing the work if you aren’t going to get paid for it. Ideally you want to make sure you are collecting the money before or at least immediately after you have completed the work. Positioning clients and having a process to do this is vital.
Cut the Fat and Build the Muscle
One of my favourite sayings is “good times breed bad habits”. Now is the time to review and differentiate between expenses and investments, now is the time to get professional advice about funding and structuring your finances. Now is the time to make money and get it in!
Turnover is vanity, profit is sanity and cashflow is king. Now is the time to focus on increasing the flow of cash into your business, to invest your money in areas that will generate a return and put you in a better position and reduce unnecessary expenses.
If you require business advice, please get in contact with Sam at:
w: samharrop.com.au | t: (07) 4051 2221