Finance
How to get a grip on cash flow and cut costs quickly
It’s difficult to plan during periods of uncertainty. As a result, business owners may face a situation where they need to cut costs quickly in order to survive.
We’ve compiled expert advice and peer stories to give you an idea of your options if your business is suddenly struggling for cash.
Find out:
- Which government support is available to you
- What other leaders are doing to adapt to tighter margins
- How to approach cash flow forecasting during the crisis
1. An introduction to the Bounce Back Loan Scheme and FAQ
The Bounce Back Loan Scheme (BBLS) aims to help small and medium-sized businesses access finance quickly during the coronavirus crisis. Following government guidance published in December 2020, the closing date for the scheme is now 31 March 2021.
This FAQ will help you understand how to access BBLS, how it can benefit your business and the implications of taking on debt.
2. A successful CBILS application: Give banks as much info 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.
To help other businesses, Tim has shared with us the overarching proposal and specific marketing review and plan he submitted to his bank. They provide a great introduction for any business applying through the CBILS.
3. We negotiated payment breaks to soften the impact of coronavirus
The Travelwrap Company founder Niamh Barker negotiated new payment terms with her suppliers to get through the financial blow of coronavirus. She also went through every single expense individually, cutting costs wherever possible.
“It helped me to focus on what we needed to do and where we needed to go, and I just kept reviewing that. I knew that if I was honest with the people who we have worked with for years, they would be in our corner – and they all were,” she said.
4. An expert guide on the essential footsteps towards business financial recovery
If the ongoing coronavirus crisis and economic consequences have dented your cash flow, your confidence, or both, this guide is for you.
Get clarity and suggested next steps on how to reduce your costs, run a lean business machine and de-risk your planning and forecasting.
5. Coronavirus: How to reduce your workforce in a controlled way
It’s one of the most difficult, delicate and hard decisions for any business to take. However, the coronavirus outbreak has made the prospect of job losses and the need to reduce your workforce immediate.
This guide outlines which government support is available to help support employees and what business leaders should do if job losses are unavoidable.
6. Good cash flow forecasting will show the way
Coronavirus has forced business owners to overhaul their approach to cash flow forecasting. Peter Watson of Lincoln-based advertising firm Distract explained his approach to forecasting during unpredictable circumstances.
“We simulated every possible scenario because I didn’t want anything to come as a surprise. I didn’t want us to sit there and go: “Okay, so revenue has gone down by 15 per cent, what on earth do we do now?” I wanted to make sure we had a full battle plan that was ready to go,” he said.
