There’s no denying that we’re living in uncertain times. With Britain now outside the EU, and Covid-19 threatening business operations, travel and supply chains, the future is looking a little shaky. As the situation unfolds, it’s super important to plan for the future of your business and to minimise the impact of any unexpected scenarios. Of course, we can’t predict the future and what’s coming round the bend, but there are ways we can plan for it by preparing ourselves for any eventuality.
The best way to future proof your business? Manage your cash flow!
Cash flow is the key to unlocking business success, enabling you to grow in line with your ambitions.
Monitoring your cash flow is like monitoring your pulse. You need to make sure that you have more money coming into your business than going out of it. Having an insight into the current and future numbers can prevent problems like having too much stock, long payment terms, overspending and overtrading. And perhaps most importantly for right now, it means you’ve got extra funds in place to fall back on if you encounter any hiccups or unexpected situations that are outside of your control.
By staying on top of your cash flow you can:
• Make smart and informed decisions about growing your business.
• Have capital to draw on if you need to respond to any unexpected problems.
• Have the peace of mind that you’re in control of your business’s finances.
• Spot cash shortages and surpluses well in advance so you can act early.
Not only will cash flow management help you future-proof your business, it’s also vital for helping you to grow. With simple cash flow forecasting tools, you can understand the impact of future plans and possible outcomes by modelling any ‘what if?’ situation. Testing out different scenarios will give you the confidence you need to put plans in place and achieve your long-term goals. And with regular short-term and long-term cash flow management, you’ll have the peace of mind that there’s always money in the bank, rain or shine.
Need more advice on managing your cash flow? Grab a free copy of our ebook for a fail-safe cash flow action plan.
We’re on a mission to help businesses manage their cash flow better.
At Ashton McGill, we help our clients take control of their finances with regular cash flow forecasting, advising on different financing options to help you secure the right ones for your business. We can help you future-proof your business, and with a fail-safe action plan in place, you can rest easy knowing there’s cash in the bank when you need it the most.