Is your business financially viable without support?
It’s unbelievably hard not to involve your emotions when looking at your business, especially if you have poured your heart into it and seen your dreams crushed through no fault of your own. But as the government has announced a road map out of lockdown, you need to do the same for your business. That means looking at the cold hard figures, the numbers don’t lie!
Preserving cash flow is vital for every business, take a long hard look at debts and what needs to be repaid and when, you may be able to re-negotiate terms if given enough time. Look at the P&L, the balance sheet and cash flow, directors loan accounts, etc and see if the business does stack up.
The Federation of Small Businesses warned that at least a quarter of a million small businesses will fold unless more help is given. Get a plan in place for your recovery and let’s hope more small businesses can navigate a way out of lockdown.
Have you got a plan in place?
#smallbusiness #smallbiz #roadmap