Cash flow forecasting during the coronavirus crisis

The approaches other businesses are taking

Istoria Group – Sam

The global events industry is one of the hardest hit by coronavirus cancellations. Sam Rowe explained how the business is getting a solid handle on the cash situation and strategic delays.

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Key Production – Karen

Coronavirus isn't the first crisis 30 year-old music packaging business Key Production Group has seen. As lockdown began, find out why cash flow scenario planning was the first thing Karen Emanuel did.

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Popcorn Shed – Sam

Sam Keller has been forecasting best and worst cases scenarios – allowing him to pinpoint worrying accounts and stay one step ahead when it came to arranging extended payment terms and payment holidays.

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VIDEO: We created three different cash flow forecasts (4 mins)

Find out why Peter Watson, MD at Distract, prioritised running three different cash flow forecasts, based on a worst case scenario, the expected and a best case scenario, when the coronavirus outbreak started to take hold. That process helped create three action plans to direct future decision making.

You know how to do it, but can you do it in a crisis?

We asked some finance front-liners what they’re really saying to their SME clients. Then have a look on your right at some of the helpful guides we've assembled.

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Is additional finance the best option?

One sure fire way to improve your cash flow situation is to bring in some extra working capital. Find out how other businesses first decided this was the right decision and then set about using government-backed funding schemes.

Look at your numbers every day, every minute

Barry Leahey outlines the steps he’s taken as MD of Playdale Playgrounds since lockdown and the approach followed to make sure his loan application was reviewed with minimal pushback or delay.

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Give banks as much information as you can

When Tim Holt and his business, Plastic Card Services, set about applying for the Coronavirus Business Interruption Loan Scheme (CBILS) he knew overdelivering would be the successful approach.

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Which government support you can access?

The chancellor has said he will do “whatever it takes” to protect businesses, but what does that mean in terms of the government support you’re able to access and which will work best for your business?

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What other cash flow support is out there

Organisations around the country are lending a hand making available a host of resources for small and medium-sized businesses to take advantage of, especially in the cash flow and financial planning space. Here are six examples we think you should take a closer look at.

Lloyds Bank

Get help with applying for government-backed funding pots such as the Coronavirus Business Interruption Loan Scheme and make the most of the Lloyds Bank webcast series.

Visit Lloyds Bank

Santander

For those interested in the government's Bounce Back Loans scheme, Santander has lots of advice and guidance on what needs to be included so that a quick decision can be made.

Visit Santander

EY

EY is supporting businesses with some critical tasks, including structured crisis management, enterprise resilience and planning for recovery. It also has a specific cash flow focus.

Visit EY

Sage

Accounting software business Sage is all about practical advice on tackling the challenges you're facing – including daily webinars and specific furlough support.

Visit Sage

Xero

Xero has created a forum for open discussions to talk about business continuity and resilience in challenging times, allowing you to engage with other people in the small business world.

Visit Xero

McKinsey & Company

Insights on how organisations can respond, and what happens next, are available from consultancy firm McKinsey & Company, which is looking at global responses to the crisis.

Visit McKinsey & Company

Visit our dedicated coronavirus business support hub

Making decisions in this kind of environment is hard. Our dedicated coronavirus page is specifically for business owners and leaders. It brings together the latest government support, advice across themes such as supporting your staff and communicating with customers, how leaders like you are reacting right now and the best of what the rest of the web has to offer.

Access the hub

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