- Keep in touch with all your customers and, make sure when you are agreeing sales, that everyone is clear when and how that sale will be paid
- Talk to your suppliers and agree payment terms with them that are realistic. This will reduce the amount of time spent in dealing with calls and emails chasing for payments
- Review your loans and finance arrangements and talk to the sources of that finance to agree loan payment holidays and deferrals where appropriate. Include an agreement on any interest to be paid as a result
- Make sure that you’re aware of all of the government support that is available to you and your business
- When there are current trade balances owed to the company get in touch with the customers and agree payment terms with them. Whilst these will be difficult conversations at the moment there is no benefit from putting them off so the sooner you have them the better
- If you hold trading stock for your business carry out a careful review of the levels of stock that will be required for the business that you anticipate for the next few months. This review should also consider the likely time scales for restocking given that supply chains are generally severely disrupted at the moment across most industries
If you would like to discuss your cashflow planning please contact us.