Cash Management In Crisis
Most businesses are facing a tricky path navigating the unique current circumstances and are trying to find the best solutions to come out the other side as unscathed as possible.
For many, one of the most pressing business concerns is cash management over the next few months. With usual payment sources facing unprecedented pressures themselves, money coming into a business can be reduced or delayed, resulting in tough decisions needing to be made about costs and expenses.
This is the time to approach the situation calmly, and to concentrate on what is truly within your control. While payments from Clients may be outside your control, you can certainly focus on your day to day running of your business and what can be made to work for the immediate future.
But which path do you take?
The myriad of options can be confusing, ranging from deferring VAT and rent payments to business interruption loans (CBILs) – not to mention various approaches to wages and employee support. How do you prioritise actions in today’s shifting landscape?
David Bloom, fdu CFO explains, “Now more than ever, it is vital that the Finance function takes an active role in ensuring current cash management strategies meet immediate business goals – especially with regard to revised forecasting, debt management, regular monitoring of the business’s cash position and clear communication with Clients and Suppliers.”
At fdu we have the resources to supply the right – experienced – people in this situation, who can advise you in your unique circumstances and create models to help your current cash management. Right now, it has never been more important to make the right decisions at the right time.
If you would like to discuss cash management strategies with us, please email [email protected] for advice and help.