Making Better Money Moves for Your Business –
Ready to Thrive in Three Months?
It can be tricky for businesses to get a grip on their cash flow. It is a requirement. After the year we’ve all been through, you may feel like gaining control of the situation that remained beyond your capabilities. There are ways you can better manage – and even boost – your cash flow. Here are a few.
Manage by the Numbers.
Regardless of the challenges you are facing, committing to the fundamentals will yield results.
- Identifying your essential management tools.
- Project cash for the next three months.
- Detail revenues by product/service for six months.
- Adjust expenses to break even for the same period.
- Pinpoint adjustments required for expenses so you will break even.
- Create a roadmap to profitability after the initial six months.
- Evaluate if you have the right skills in your team for supporting your efforts.
- Communicate your plan to suppliers.
Defining your competitive advantage
- Make sure the market desires your products/services.
- Engage your employees in your strategies so they are clear about your financial status and expectations.
- Meet with your largest customers to determine realistic revenues for the next six months.
- Generate customer loyalty through special offers, discounts, and loyalty programs to boost sales to match your projections.
- Use loyal customers to promote your uniqueness.
- Develop strategies to attract new business by product/service.
- Determine if there are new competitors in your market and adjust to counter their impact on your revenues.
Spelling out your path to re-invention
- Invest in improvements for your customers’ experience and team productivity.
- Consider alternative funding sources to get through your critical three months.
- Restructure your debt, if possible.
- Build real-time reporting and KPI tracking, so you know your results and are aware to make timely modifications, as needed.
- Emphasize your desire for outstanding customer service to be the norm throughout the organization.
- Increase the frequency of customer purchases through “special offers” to encourage that behavior.
- Re-enforce your team’s commitment to your mission, vision, and values.
#accucompvirtual CFO Team – available 24/7 and on-demand
Your success will be determined by how well you execute your plan. If you stop focusing on your cash flow, daily monitoring of your metrics or lose track of where your sales are, your recovery/reopening will not yield your planned results.
Stick to the plan. Insist on accountability. You will move into profitability. Just monitor and adjust when necessary. You will win!
AccuComp Enterprises is ready to advise and collaborate today; We want you to exceed your expectations.
Plan! Adapt! Manage! Succeed!