When the COVID-19 pandemic first hit, the economic impact was felt by industries around the world almost immediately. ‘Business as usual’ was no longer an option for companies of all sizes as people social distanced, priorities shifted and global activity slowed down accordingly in response the pandemic. Effective cash management became essential.
Managing cash flow as supply chains experience disruption, is even more paramount than usual to the survival of many businesses. But there are steps they can take to help alleviate the long-term effect of economic crisis.
Here are the things you can do now to help your business:
- Government: look into policies and packages that your government may have in place to provide temporary economic relief and support.
- Business Interruption Loans or Grants: in many areas emergency loans are being offered with conditions specific to the current economic crisis due to COVID-19.
- Chase Overdue Receivables: while asking for past dues may be tough, they can also be a lifesaver when cash flow has been reduced to a trickle.
- Get Creative: offering early pay discounts or ‘pay it forward’ options can incentivize your customers to make a payment now that they may not be able to do otherwise.
Find Out More
Read the full SMB cash flow business guide from Bottomline to help your business effectively manage cash flow.
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