During this uncertain time, business owners may find themselves with more down time than they've had for a long time. While it’s important to spend time with our families, it's also a great opportunity for business owners to be learning, adjusting and planning for a post COVID world.
In the podcast, Jana outlines three key ways businesses can manage their cashflow now so they are able to hit the ground running when restrictions ease:
1. Increase the amount of revenue or turnover;
2. Collect what’s owed to you faster; and
3. Control the speed at which capital flows out.
Jana explains how taking advantage of these three actions – in a number of specific ways – can drastically improve the financial position of your business over the longer-term.
“Those marginal gains all add up,” Jana says. “They're not just in and of themselves. They actually become exponential.”
She also speaks about the five critical things business owners or leaders need to do right now to come out on top. This includes maintaining communication with employees, customers, suppliers and stakeholders – not just about what’s happening, but what the business is doing to respond.
“You need to tell people the good, the bad and ugly. They don’t want to hear there’s a problem; we all know there’s a problem. They want to know what your plan [is].”