Post COVID 19 there will be a greater focus on cash flow. The key as we all know to survival. This working guide will help you not only survive but thrive.
Overview
The poor business practices that affect cash flow
Negotiating the wrong deals
Offering multiple discounts
Poorly designed incentives for sales staff
Not involving senior management in chasing outstanding debt
Poor cashflow reporting techniques
Pursuit of growth at all costs
Steps to take in a crisis (COVID 19)
Reducing the cash tied-up in working capital
Buy quality used rather than new equipment
Reduce utility costs
Reduce rent
Chase-up on all long term debt
Put tax brackets in the higher incomes (payroll can handle it
Move to shorter hours rather than a sudden and brutal downsizing
Embrace the two innovation techniques of Gemba Kaizen and blue ocean shift
Categorize your customers into DROP
Increase the quality of your key customer’s experience
Renegotiate advertising and reprioritise rather than radically reduce
Learn each day about what happened yesterday
Other Good cash flow practices
Deleverage your company
Move to fortnightly pay for all staff
New debtor collection rules
Good business invoicing practices
Creditor management
Introduce a Purchasing Card
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