Businesses would need to:
– Understand Business Cashflow:
Besides having proper financial plan, businesses should be prepared to survive the crisis by understanding the cashflow for the following months and years to come.
– Consider the Risks:
From deferral of VAT payments, business loan installments, to the Covid 19 business Interruption Loan Schemes doled out by various government. Businesses must now prepare to repay in due course. We should not use debts unless we have a plan to repay. If we default on a loan, it will have a significant impact on future ability to get credit.
– Adapting to change in demand:
With the impact of Covid 19, world has dramatically changed and with that has come a change in demand for all kinds of businesses. We should start embracing those changes such as selling products online, more focused target marketing, arranging more online payment options. The business cash should keep on rolling.
– Getting Financial Advice from Experts:
For business owners struggling to understand their finances, should seek financial advice and how to take forward steps.
The experts are in a better position to model the financial planning required for your business.
Moreover, start looking further in the coming months and get energized and excited about running your business.