Tough Times Business Checklist

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Now is the perfect time to take stock, review processes and systems to ensure you are in the best possible position going forward.  We have devised this simple checklist to help you through the process.

Review

Make sure you’ve checked your budgets and adjust anything that doesn’t feel achievable

Debts

Keep an eye on those bad payers. If they won’t pay don’t continue to service them. speak to us about scripts and debt recovery

System

Keep reviewing who owes you what and get a system in place to keep on top of this. offer extended payment terms to existing debtors if you can afford to do so

T&C’s

Time to check you have your terms and conditions in place, ensure explicit payment terms included

Responsibility

Get one person invoicing and collecting invoice payments

Suppliers

Agree extended payment terms with suppliers where possible

Banks

Consider whether you need to review your banking facilities

Clients

Focus on client relationships & retention strategies

Challenge

Review & flowchart your processes and challenge unnecessary steps

Efficiencies

Use ‘bottom up’ budgeting where everyone in the office gives input on areas in which they have control – target a 10% cost saving

KPI’s

Work on your kpi’s and measure them on a regular basis, including sales leads generated, order supplied & fulfilled, cash balance, stock turnover, debtor days, gross profit, net profit.

Staffing

Review your staffing needs over the next few months

Buy in

If you have a team – get them together and communicate your business strategy to them and get their buy-in

Team Talk

Talk to your team and get their thoughts on trading conditions

Cash Cows

Assess which of your products/services are the most profitable or non-core, and terminate those that are not

Processes

Review the efficiency of business processes and consider alternatives such as outsourcing certain activities

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