By Phil Ringuet
Cash flow is the lifeblood of any business and it is critical in times of uncertainty. Undertaking a review of your required cash flow position as part of your BCP will ensure you are well placed to steady the ship or perhaps even take advantage of opportunities.
Whilst we aren’t quite at Pandemic stage in Australia imagine that you couldn’t return to your premises for a period of time or didn’t have access to your contents, equipment, stock or suppliers. Without a strong plan in place how will you manage to;
- Pay Wages and entitlements
- Meeting any lending obligations
- Meet Creditors demands
- Cover Rent
- Maintain personal expense
There are many ways to cover cash flow via funding solutions from Short Term Loans, Business Overdrafts, Asset Trade/ Invoice Finance and Business Lines of Credit whether you have collateral or not.
Planning ahead and understanding what is available to you from a funding perspective can certainly assist in managing these obligations and what can be a stressful time.
Each of the facilities can ensure a strong buffer. Nothing beats preparation though so protecting your cash flow position shouldn’t wait until it happens to you.
An Important Message
While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.