5 more ways to improve your cash flow today

Cash is the oxygen your business needs to survive. For your business to survive and recover from the current economic downturn, its essential that you maximise your available cash.

Here are 5 more steps you can take right now to improve your business cash flow:

1. Cutting your expenses

Review all overhead expenses. Which costs can be cut altogether right now? Travel, entertainment, subscriptions and vehicle costs could be a good place to start.

2. Selling unused Assets and Equipment

Consider whether you need to keep unused assets and equipment.  Selling these, even at a loss, will give you much needed cashflow.

3. Contacting your bank for assistance

Contact your bank and any other financiers to find out how they can help you manage your cashflow over the coming months.

4. Review the amount your business needs to pay you

Review your personal budget and check if you can reduce the amount your business needs to pay you during this period. Consider whether you could invest more cash into your business to get through the next few months.

5. Make use of Australian Taxation Office (ATO) support

The ATO is offering support to businesses suffering hardship by allowing payment deferrals, remitting interest and penalties, and offering low interest payment plans. Your tax accountants are experts at negotiating the best possible outcome and we recommend you speak with them as soon as possible.

Importantly, wherever you make arrangements to defer payments or enter into loan arrangements with the ATO, you must create a plan to ensure that the future payments are paid when they fall due.

When used with a regularly updated 13-week cash flow forecast, the above measures should significantly assist in improving your business’s cash flow position allowing helping it to survive the current period of uncertainty.

And in case you missed it, check out other ideas to improve your business cash flow in our article 5 ways to improve your business cash flow today.

To help you forecast and manage your cash flow, we’ve created a cash flow forecast template which you can download by clicking the button below.

Need a hand with your cash flow forecast or improving your cash flow? Book a complimentary meeting to discuss how we can support you.

Paul Burke
Paul Burke
Paul is a Business Finance and Growth Coach for motivated small and medium (SME) business owners who are ready to find their freedom. A 30 year veteran accountant and fellow of CPA Australia, Paul has a Diploma of Management, trained as a Gazelles International Certified Coach, is a successful business owner, family man, committed community volunteer and freedom finder. Paul knows how to sustain and grow a business that supports lifestyle goals. He understands why you started your business. What you hope to achieve. What you’re struggling with. He’s a font of accounting, finance and business growth wisdom who’ll support you every step of the way to help you achieve your goals in business, and life.

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