With times remaining tough on the High Street, many retail owners are looking for further ways to manage their cashflow.
Here are my main recommendations for you. These are based on my 23 years’ experience in helping retailers (and other small & medium-sized businesses) to deal with their cashflow issues.
- Be careful who you discuss your situation with. There are some entities who, upon suspecting you have cashflow issues, will not offer the sympathetic support you need.
- Do talk to your Accountants and seek their expert help.
- Discuss your payment terms with your suppliers. Any leeway you can get here will benefit you considerably.
- Review your rent arrangements. In this harsh market, many landlords would rather a rent reduction than a lost tenant.
- Sell any stock, equipment or other assets that you don’t need. Cashflow is King.
- Carefully consider any expenditure. What will the pay-back period be? Can you fund it?