When you run a business you know there are a lot of economic factors that you can’t control which can have a negative impact on your bottom line. That’s why it's important to have contingency plans built into your business so that when the going gets tough, you’re prepared.
Facing financial struggles
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Tips to manage financial struggle:
Lack of cash flow
Examine your accounts receivable balances: if there are outstanding debts, now is the time to get those payments.
Inventory management: consider limiting the amount of inventory you keep on hand.
Prepare and review cash flow statements weekly: helps to anticipate any lulls so you can plan for them.
What’s your marketing budget? You may need to increase your spending on advertising to ensure your target market knows about you.
Consider different forms of advertising beyond traditional, such as social media, word-of-mouth, or sponsorships.
Be clear on your differentiator – know what makes your business special and shout it from the rooftops!
Not using a budget
A solid business plan and a realistic budget can keep you on track, but only if you use them.
A budget allows you to actively manage your income and business expenses in real time.
No matter how carefully you budget, unexpected things happen. From building repairs to a global pandemic, you never know what tomorrow will bring.
Prepare for the unexpected in your budget and have an emergency savings account.