Every month Business Recovery help businesses improve their cash flow. Request a quote to find out how much extra cash you could raise.
It’s no joke when your business runs out of cash.
One day your operation is ticking over nicely, doing profitable business, and the next, everything is under threat. All because your bank account is empty at a time when you need to make an important payment.
Maybe it’s the payroll or the rent that’s at risk of not being paid. Or a tax payment to HMRC or the settlement of a bill with a key supplier. Whatever it is, your inability to find the cash is enough to jeopardise all your hard work, because it could see you closed down.
Every day, hundreds of firms, small and not so small, grapple with the question of how they’ll make it through the next payment deadline. All it takes is for one customer to pay you later than usual to convert your cash flow challenge into a major cash flow crisis.
The right time to plan your way out of a cash crunch is before it happens. If there’s even a chance that at some time in the coming months your business could find itself penniless, even for just a few days, you need to act right now.
You must find the time to plan sooner rather than later, because when a problem hits, time will be a luxury you can no longer afford. It can take years to build a successful business, but only a few days without cash to kill it.
Taking the time to prepare is an investment in the future not only of your business, but also in your own future and that of any staff you might have. Losing a business through cash flow failure hits more than just your wallet; it can also have a painfully traumatic effect on personal lives.
The first step is to make a detailed cash flow forecast looking at all the money you expect to come in and go out over the coming weeks and months.
This should reveal your vulnerable spots, such as the moments when a late customer payment could prevent you running the payroll. It should also give an indication of the scale of the problem – how much cash you’ll need to find in a hurry.
The next step is to look at all the finance options available to you. You’ll need to think beyond the obvious, such as bank overdrafts. This is when it’s really useful to talk with an independent expert, someone who understands the options and knows which are most suitable for your situation.
If you think your cash flow may be at risk in the coming weeks or months, why not give Business Recovery a call right now?
We’ve worked with hundreds of business owners facing immediate cash flow problems, or who are concerned that it may happen in the near future. We’ve helped them to find the funds they need to turn the situation around, often at very short notice.