If you are like most non-retail businesses then the December/January period will represent a slump in your sales and therefore your cash. You planning must start now.
Some simple steps that you can take include:
- Follow up all your debtors in the next couple of weeks and reign in as much outstanding debts as possible. The longer you leave it, the tougher the cash crunch for your customers and the longer they will stretch their terms.
- No expenditure on new equipment. Wait if you can until January to February.
- If your sales are down then you will have excess capacity in terms of your staffs activity. Plan how you will spend this time. Some should be spent on product development, on strategic planning and even on a thorough review of your accounts eliminating unnecessary expenditure.