Top 5 tips to keep your business going during Covid-19

Tip 1. Use your credit card strategically

Fear not and use your credit card to pay. When you use your credit card, using pay.com.au, effectively to manage outgoing expenses, you tap into cash-flow with 55 days interest free when you pay your repayment on time. This gives your business breathing space and allows you to keep your wheels turning with access to cash to flow.

Tip 2. Cut costs

Assessing expenses that are no longer valid to your business operation is the first step in cutting costs. Assessing the validity and requirements of any subscriptions, services, insurances, stock orders and renegotiating terms of any loans or leases can potentially save you thousands.

Tip 3. Ask for payment extensions

There is a huge amount of Covid compassion amongst businesses and where appropriate asking for payment extensions can allow for you to get on top of cash coming in/going out. This will allow you to effectively budget and utilise the 55 days interest free on your credit card to meet your expenses whilst maintaining cash coming into your business.

Tip 4. Talk to your bank

Help is available with the Governments SME Recovery Loan Scheme which allows businesses to access cheaper funding through a lender. Lenders are also offering repayment extensions for up to 24 months as part of the scheme. A conversation with your lender could be the difference between making it or breaking it.

Tip 5. Get your invoices paid faster

Bring it in, as fast as you can! Ensuring you have a proper invoicing process in place ensures you keep on top of cash flow. Where appropriate invoice your customers as soon as practicable and explore accepting all credit + debit cards as payments, so you get paid faster.

Written by Riya Barua

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