Review your cash flow
Cash flow is vital for the survival of a business. Look back over the last 12 months and identify how much cash was brought in, how much was spent and how it was distributed. This will give you a better idea of how your business is coping financially. Once this has been done, you can look at investing, financial and operating activities so that you have a clear and detailed view of your cash flow.
Look at the business plan
You may think you completely understand your business plan but when was the last time you actually read through it thoroughly?
Go back and refresh yourself with your goals and strategies to give you a better idea of where you were, where you are and where you want to be. Identify areas you could be progressing further and put together a concise plan of how you are going to get your finances in order over the coming months.
Make an effort to drill down unpaid accounts. Collect all outstanding invoices and review your customer list so that you have more funds for next six to twelve months.
Set some new goals
Goals keep you motivated and give you something to focus your attention on so that you are not led astray. Focus on things that are not as important. Setting effective and realistic business goals is at the heart of any good business goal strategy. Remember to keep goals SMART – Specific, Measurable, Achievable, Relevant, and Time bound.
There is never a bad time to run reports on cash flow, profit and loss statements, and a balance sheet to identify where you need to develop your business. These reports will help you identify what areas you need to change in order to improve your business finances.
Keep up to date with changes in the law
It is crucial that you keep on top of any changes in order to avoid falling short of what is legally correct. We understand the need for businesses to ensure fluid cash flow.
If you want to find out anything further about this topic then please feel free to call on 01494 786000, 0207 240 2000 or 07961 116321. All conversations will be in strict confidence. You can also email email@example.com
This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information