Keeping your cashflow strong in tough times

 

Running a small business comes with its fair share of challenges, and economic downturns can make things even more difficult. When sales slow down, overhead costs and salaries don’t just disappear. That’s why proactive financial planning is essential to keep your business resilient and thriving, even in uncertain times. 

 

At Bidwell Accountancy, we specialise in helping businesses like yours plan ahead, manage cash flow effectively, and build financial stability. Here’s how you can take control and safeguard your business during challenging periods. 

 

 

Understanding your payroll obligations and other key expenses is crucial. Having a clear financial picture will help you plan for any potential shortfalls before they become a crisis. If you anticipate financial strain, address it early by exploring cost-saving options or negotiating new terms with suppliers and creditors. 

 

 

Invoice Promptly – Send out invoices as early as possible. If you have regular clients, consider offering retainer agreements or prepayment options to ensure a steady cash flow. 

 

Follow Up on Outstanding Payments – Don’t let overdue invoices pile up. Strengthen your client relationships with consistent communication and follow up professionally to ensure payments are received on time. 

 

Negotiate with Suppliers – Open and honest conversations with suppliers can lead to better payment terms. Many would rather offer flexibility to maintain a strong business relationship. 

 

Assess Your Inventory – Look for ways to reduce costs by sourcing supplies locally or finding more affordable alternatives without compromising quality. 

 

Review Expenses Regularly – Small expenses add up over time. Take a critical look at your business costs, including subscriptions, travel, and event budgets, to see where you can make adjustments. 

 

Communicate with Your Bank and Tax Authorities – If cash flow is tight, address it early. Many banks and tax departments offer solutions to help businesses navigate financial difficulties if they’re approached in advance. 

 

 

Financial resilience isn’t just about surviving tough times—it’s about setting up your business for long-term success. At Bidwell Accountancy, we help small businesses implement smart financial strategies to ensure stability and growth, no matter the economic climate. 

 

Get in Touch Today! 

 

If you’d like expert guidance on managing cash flow, cutting unnecessary costs, or planning for future growth, we’re here to help. 

 

📞 Call us at (01908) 380391 

📧 Email us at info@bidwellaccountancy.com