Practical tips for your business as it reopens over the coming months - PKF Francis Clark
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Merry Christmas! Our offices will be closed from 1pm on Christmas Eve, reopening on Tuesday 4 January.

Practical tips for your business as it reopens over the coming months

Cash is going to be king as businesses start to reopen over the next few months. Here are some practical tips that may help your business be prepared.

1. Prepare detailed cash flow forecasts with reasonable assumptions and a range of different scenarios. Make sure the board review these and update them regularly. They will identify any funding requirements and potentially satisfy directors that they can pay all their debts as and when they fall due

2. Review your costs and cut any unnecessary expenditure

3. Communication with your creditors is key. If you are looking to negotiate extended credit terms or payment holidays remember that these will need to be paid at a later date so factor these into your cash flow forecasts

4. Treat all your creditors fairly and take steps to ensure no creditor is put into a worse position

5. Focus on paying necessary ongoing costs of your business first and only pay historic debts if you have surplus cash

6. Taking on new debt may be an attractive solution but you should be comfortable that you can repay these loans at a later stage

Need more help or advice?

There may be some instances where these actions alone are insufficient to generate enough cash to pay the ongoing business costs as well as any historic debt.

There are other options available to help restart your business and PKF Francis Clark can help with a Covid Business Review – helping you to understand your current situation and the best steps forward from there.

FEATURING: Scott Bebbington
Scott joined Francis Clark Business Recovery as a trainee in 2012 having previously graduated from Cardiff University. He qualified as a Chartered Accountant in 2016.… read more
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