Every day we’re hustling

By Nikita Tomlinson 

Business success calls for hustle! The world might be changing around us, but this presents opportunity for those who choose to take on the challenge. Turning these opportunities and challenges into business success showcases the importance of having your ‘house’ in order.

A few things to think about:

Cash. Cash. Cash.

Yes, I know, you’ve heard it all before! I’ve talked about it recently but there’s a reason that this is such a well-worn topic. Government support is starting to ease, sales pipelines are starting to raise a few flags of uncertainty, and you could be forgiven for being distracted while keeping everything afloat over the last few months! So why focus on cashflow again?

Funding appetites are changing rapidly, and while the latest announcements from the Government have been more favourable than previously, these are still subject to bank processes and policies. It is time to be forearmed and forewarned about the possibilities of future cashflow and have strategies in place to manage different scenarios – whatever they might be.

Numbers!

When harnessed and understood – data can be your secret weapon as a business owner. It doesn’t mean you need to know accountant talk or banker banter, but a good understanding of what influences your gross profit margin, what mark-up is vs margin, why profit is different to cash surplus all comes in handy when making business decisions.

Managing ‘through’ Covid-19?

There has been a lot of talk about business post Covid-19. I’d like to challenge you to think about what your business might look like managing through Covid-19. Are your business processes robust enough that you can operate with limited face to face contact with customers, suppliers, and staff? What permanent changes should you make now to ensure your business is viable regardless of social distancing requirements? What would Level 3 (or 4!) lockdown mean for your business another time around?

If you want tools to understand your cashflow, help translating your business numbers, or if you want to have a chat about what your business might need to do to manage through Covid-19, then get in touch. We’d love to help!