Cashflow and Customers: A Recipe for Resilience in Tough Times

Gather your team:

• Frontline: They’re the pulse of your business, interacting with clients and suppliers daily. They understand short-term needs and challenges.
• Visionaries: They see the bigger picture, analyzing long-term objectives and risks.

Together, assess your ecosystem:

• Cashflow: Is it robust enough to weather storms? Can it support your clients and maintain flexibility?
• Supply chain: How strong is it? Could a few client or supplier losses impact you heavily?
• Client base: Who are your high-value clients? Are you over-reliant on any one?
• Industry trends: What challenges are your clients facing? How can you help them thrive?

Remember, clients are your partners:

• Focus on protecting them: Your success is intertwined. Offer solutions, support them through hardships, and show them you’re in their corner.
• Identify underserved prospects: Those struggling with similar challenges might be receptive to your proactive approach and client-centric values.
• Beware of cost-chasers: Low-cost clients are often high-maintenance and offer little long-term value. Focus on building strong, sustainable relationships.

Cashflow tips:

• Invoice promptly and encourage early payment: Offer discounts or flexible payment options.
• Identify late payers: Work with them to create manageable payment plans.
• Consider technology: Streamline invoicing and payment processes.

Remember, what benefits your clients benefits you. By building strong relationships, weathering challenges together, and adapting to industry trends, you can create a resilient business that thrives even in the toughest times.