Turnover is vanity, profit is sanity but as the saying goes, Cash is King. 60% of small business fail within the first year of operation and often these businesses are profitable but poor cash flow management leads to them running out of money and having to close.
This issue is even more prevalent at times of economic and social challenge presented by events such as the COVID crisis when the future of your business can be seriously jeopardised and management of cash flow is a key factor to survival and recovery.
Businesses faced with significant falls in demand for their product or service have relied on the furlough scheme and other government assistance to fill the gap between payments to suppliers and employees and income from customers. When the furlough scheme closes at the end of October, competition for grant funding increases and access to funding decreases, balancing your income and expenditure will be the key.
In its simplest form, cashflow management means delaying outlays of cash as long as possible while encouraging anyone who owes you money to pay it as rapidly as possible. Anthony Davies, Founder of Primotax, tax specialist accountancy firm based at FW Gatwick will share his tips and tricks for managing your cash flow, giving practical advice and guidance for coping when finances are stretched…….
At the end of the presentation, there will be 15 minutes for Q&A's