During these times of unprecedented uncertainty the most important thing business owners need to be aware of is how long their cash will last.
Forecasting your cash position is CRITICAL so that you can make the best decisions about what costs you can reduce and explore any other revenue opportunities.
By running different scenarios you will be able to see how long your cash will last.
To keep a close eye on your cash position you can download the Cash Summary Report if you use Xero and there should be similar reports in other software such as MYOB.
I have attached a link to a downloadable cash summary report pdf as a guide for you to take a look at to help you and if anyone needs any assistance with getting one set up I will gladly help – PRO BONO.
If there is one thing that you should be doing right now it is managing your cash flow so take control and make efficient use of this scarce resource.