The holiday season is upon us. But festive parties, family gatherings, and travel can all increase your risk of becoming one of the approximately five to 20 percent of Americans who get the flu.
06.11.2023 - 15:11 / theguardian.com
It is not an easy time to be a small business dealing with a combination of high interest rates and inflation, however, many are rising to the challenge and facing these issues head on.
Focusing on cashflow via improved management and modelling is one route many companies are choosing – according to research by American Express, more than a quarter (28%) of SMEs are currently looking at ways of better managing or improving their cashflow. The process may feel intimidating, especially during tricky times when it could throw up some unpleasant surprises, but it’s a key component of a small business’s armoury. Here, we explore five steps to get to grips with cashflow.
Understand your finances
The first thing to do is to improve your knowledge of your financial position. “Cashflow management is the process of understanding how much money is moving in and out of a business: in through revenue and sales and out via expenses and overheads,” says Stacey Sterbenz, general manager, UK Commercial, at American Express.
Modelling, meanwhile, involves planning for the immediate future. “Cashflow modelling translates to looking ahead and planning for cash entering and leaving the business over the coming months. It allows businesses to plan for unforeseen circumstances and adjust their plans accordingly to keep the business running.”
Build up reserves
For Emily Vermont, having a financial safety net has become a non-negotiable part of running her business, Indirock, an indoor bouldering wall in Southend, Essex. Since she opened in March 2022, she has been charting the ups and downs of revenue, which can vary with the weather, time of year and economic conditions. “It has been a real rollercoaster, and we’re learning as we’re going along,” she says.
Indirock opened just as pandemic restrictions were easing, and was immediately busy with people keen to get out of the house and try new things. Then in June 2022, warm weather hit, bringing an unexpected quiet period as everyone went to the beach. In July, it was busy again as the school summer holidays started. The experience, she says, has taught her the importance of beefing up reserves. “We learned to make hay while the sun’s shining – if you’re doing well don’t just invest it immediately back into the business, build up those reserves.”
Sterbenz agrees that having some cash in the bank is crucial, allowing businesses to prepare for unexpected costs. “Building up cash reserves means businesses can adapt to peaks and troughs in demand. And beyond this, if companies need to borrow money for unexpected large outgoings, such as replacing broken equipment, they are in a better position to absorb those costs, reducing the impact on cashflow.”
Plan for bills
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The holiday season is upon us. But festive parties, family gatherings, and travel can all increase your risk of becoming one of the approximately five to 20 percent of Americans who get the flu.
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