Hang on in there
While no one knows exactly when the lock down ends, hopefully we are nearing the halfway mark. It will be tough going for many SME’s, however we are a resilient bunch. Hold on in there and plan for the future.
Cash Flow Forecas ng With most business earning no income, tracking your cash is more important than ever. We recommend preparing a cash flow forecast for the next 4, 8 or 12 weeks. Create a sheet with columns for each week. Expenses headings for each row down the side then populate with your known overheads each week. Include the Wage subsidy and wage costs based on your agreement with staff. Look back over the last 8 weeks and check all payments have been included. Create a running total at the bo om and see how much cash you are going to burn through. Do you have enough reserves? Do you need to see the bank or look for other finance op ons?
Ba en Down the Hatches Check over your outgoings with a fine tooth comb, what can you trim, eliminate or push on to a later
me. Consider using bank mortgage holidays, ask suppliers, finance company’s and landlord for op ons to help through this tough me.
Look at going online Now might be a good me to think about what you can do online. Work through the logis cs and systems required. Can you pre sell services to line up some work. Web developers are likely working from home so should be able to help with some op ons. When we do come out of level 4 we may s ll be at level 3 for a period, this means most public venues are likely s ll closed.
Planning Ahead Do you have a plan for when the restric ons are released? Now is a good me to do some strategic planning on various scenarios. What will the market look like once things open up again? How do you get ready?
Xero Emo onal and Mental support Clients using the full Xero package can access faceto-face, telephone, live chat or online counselling sessions for themselves, family and employees. This direct counselling support service is available at no cost and it is completely confiden al. Search Google for “Xero Assistance Programme” What to talk? Lets grab coffee and jump on Zoom for a catch up.