Entries by firozmolokini

Cash flow management for small businesses during COVID-19

The Coronavirus has resulted in a significant challenge to our economy and small business operators. Many businesses are facing financial pain. The hardest hit sectors are tourism, travel, hospitality and entertainment sectors, although consumer goods and retailers are also being impacted

The Federal Government of Australia has reacted with unparalleled support measures to assist businesses. However, these measures will be reduced over the second half of 2020 and businesses will be left to manage a subdued business environment. Good cash control and effective cash flow management will be increasingly important to empower businesses to continue.

It is critical that businesses understand their cash flow management and the effectiveness of their cash control to be prepared for the likely lengthy Coronavirus recovery period. Over the next week we will be discussing some of the key area’s businesses should be confident on.