Risk Management & Regulatory Compliance, Issue Management, Business Strategy
1 minute read
Aug 30, 2021
Written by: Shawn Sweeney
The COVID-19 pandemic struck quickly in early 2020, forcing business owners to respond in lockstep as economic conditions rapidly evolved. Those actions included, for some leaders, jumping ship or altering their navigation, as their quarterly and annual financial predictions were thrown off course.
Nearly 18 months later, many businesses are steadying the ship and reconciling the pandemic’s impacts on their profit-and-loss forecasts. As a business owner, I’m always striving for steady cash flow, which provides for smooth sailing in normal times and keeps you afloat when you encounter a financial storm, as I shared in a recent Forbes Finance Council discussion.
A great place to start is by widening your cash flow cycle, which means searching for untapped opportunities on both sides of the payments spectrum. For example, as you look at the costs of running your business, be sure to leverage full payment terms or ask to adjust the terms on your accounts payable. On the flip side, be more diligent about cash receivable collections, as you work to recast your P&L forecasts in today’s market.
Looking for other smart tips from the Forbes Finance Council? Find out what 14 other financial experts suggest to weather the P&L fallout of COVID-19.
Late last month, I had the pleasure of attending and facilitating a couple of on-demand panels for the American Banking Association’s (ABA’s) first-ever Risk and Compliance Virtual Conference.
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The best credit management strategies are developed in good times and position you to weather the storm when you hit bad times. For many business owners, the pandemic served as a wake-up call to be more proactive in protecting their business credit. After all, good credit could be the difference between keeping your doors open and shutting them forever.
Risk Management & Regulatory Compliance, Issue Management, Business Strategy 1 minute read
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