Adapting the Credit Structure to Your Needs

“The spread of the coronavirus impacted many sectors in the economy and led to extensive upheaval in their business activity. The most significantly impacted were those sectors that are reliant on large gatherings for their business, such as the hospitality sectors, which were forced to cope with numerous restrictions and even lengthy freezes on all activity. These were followed by the days of tensions with the Gaza Strip, which came before businesses had managed to recover from the pandemic.

“All of these teach us the importance of being prepared for any scenario and of careful and responsible business management in times of uncertainty.

Business owners are learning to reinvent themselves today and to adjust to the new circumstances in different aspects of their business management. This is especially true for everything surrounding income forecasts and cash flow management. That is why we must adapt our credit structure ahead of time to the needs of our business, ensure a healthy cash flow and set aside money for unexpected situations.”

The writer is the manager of the business banking department at the Ofakim branch of Bank Hapoalim