Having an adequate forecast of cashflow is fundamental to any business, even if that becomes difficult when trading is volatile. Bosses need these numbers at their fingertips if they are to know where they are and what progress they are making by the end of the month or end of the year.
In conversation with any stakeholder, honesty is essential. Businesses should be prepared with all the relevant information and be clear what is working and what is not.
Sitting on cash can be reassuring but it does not drive a business forward. Businesses might want to consider how to invest that cash to reach customers in a changing market.
Watch my interview with James Ashton to find out more about the importance of cash and key, practical steps you can take to strengthen your position.
Author: Louise Durkan