To help your business survive and thrive during these uncertain times, here are some examples of decisions around your expenses that you could take to help make your cash last longer and your business survive and thrive.

If you need to cut costs here are some key rules:

1. Don’t be petty, unfair or unreasonable with your staff. For most businesses they are your most important asset and you will need them to work with you, because you can’t do this alone.
2. Make sure it does not adversely impact your existing customers (which for most businesses are your second biggest asset). Otherwise you may end up on a downward spiral where you start to see revenue declining faster and the need for even deeper cost cutting to survive.

Bearing this in mind, here are some decisions you could make about your expenses:

1. Look at the list of items you are spending money on. If the money is not spent supporting your staff and your existing customers, then question why are you spending on this.  And don’t forget those pesky direct debits.
2. What spending can you cut without adversely impacting existing customers and staff. For example can you now do that meeting via Skype saving on travel and avoiding the health risk to your staff.
3. What suppliers can you go to and re-negotiate prices.
4. If you carry stock, what can you do to reduce stock levels. An issue we see often is that people carry too many stock lines and have a lot of slow moving stock.  Maybe you can get cash by selling slow moving stock at a discount and don’t reorder in the short term.
5. Can you use a credit card to extend payment terms. For example, pay supplier on time but you don’t have to pay the credit card for another 30 days.
6. Can you extend payment terms with your supplier (but remember they are probably want to get paid quicker themselves).
7. Can you short term lease some equipment rather than buying it.

Look out for more strategies from my Business Survival Guide to ensure your business can survive and thrive during these uncertain times.

Need help in reviewing your expenses?  Use the below form to contact me or call me on 0412 227 052.

Contact Wayne Wanders for your FREE Business Survival Session

To ensure I help your business specifically, the best approach I have found is to have an obligation free session with you.  In this session we will review your current business in a factual and objective manner, to better understand the challenges that you face.  And this session does not need to be face to face.

At the end of this session, you will have multiple ideas on how your business can survive and thrive in these uncertain times.

Simply fill in the contact form below or email me at wayne@aRealCFO.com.au or call me on 0412 227 052 to organise one of these obligation free sessions.

To get help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times, simply use the contact form on the left to email Wayne or call him on 0412 227 052.

Let Wayne Wanders, a fully qualified and experienced CFO, help you successfully navigate your way through your financial challenges so your business can survive and thrive in these uncertain times.

Wayne Wanders, A Real CFO

wayne@aRealCFO.com.au