Whether for home or business, we’re willing to bet that right now, as we all restart our business practices that one of the most critical considerations is rehabilitating that bottom line.
But, no matter how much ambition and forward-thinking you’re coming equipped with to the boardroom table, all of your sales strategies and marketing plans are yet untested methods that at best will be bringing in cash in the medium term, and that means that we have to examine the amount of money that leaves our businesses carefully. The industry has changed, and we all need to start thinking about what we can do to keep our business relevant.
So while you wait to start raking in those $$ again, what short-term measures can you take from an operational perspective that will preserve your cash reserves and keep your bottom line looking anything but a bottom line.
Here we go.
OK, so when you’re talking about restarting your business after the pandemic or even if you’re just starting at all (that’s brave so well done), after all of the many considerations you’re going to have to keep in consideration, nothing is more important than the preservation of cash and managing your cashflow. While banks are slowly starting to issues lines of credit again, if it’s one lesson we all (should) have learned through this last period, that isn’t always your best option. When times are good, and you’ve negotiated a boss interest rate, they can be helpful – but just wait until things head in the direction we don’t want or could possibly have anticipated, your friendly-faced bank manager suddenly starts to look less so.
So that begs the question, how do we keep our businesses operating at a maximum cash usage efficiency so that we have to rely on those lines of credit less and less? It turns out there are quite a few options. Now, some of these may need a cash layout first, but they’ll pay for themselves in no time and that, is always good news.
PLASTIC WATER TANK INSTALLATIONS
These work incredibly well in areas where frequent and heavy rainfall occurs and act as a buffer for areas where rainfalls are less than perennial. It’s ironically in those moments that you draw the best advantage from them. If you’re in a scarce rain area, they can differentiate between continued production or stalled production, offices with fresh drinking and maintenance water, or, well – not. Your clients will thank you, and so will your accounts payable.
There is a wide range of plastic tanks that could be suitable for your businesses, so check it out.
UNDERGROUND SECURE FUEL STORAGE
Live in an area of the United States that is prone to flooding. You’ll also be aware of just how frustrating and frankly dangerous it can be when you can’t operate generators properly, have access to lighting or telephones, or even something like heating because the power supply has been cut off. Now, these are all great reasons to keep your staff and customers safe. Still, depending on the business you operate, having power could mean that you can operate during times of natural disaster or civil unrest when your competition can’t. Take a look at this report from the EPA – riveting stuff.
These are just two examples of how thinking outside the box can contribute to your business continuity when circumstances are less than ideal. Remember, we’re living in an increasingly connected world. If you live in an area where this sort of happens regularly, what’s to stop your clients from the other side of the country (or the world) from simply seeking a supplier that doesn’t have these problems?
Get some advice, create your financial case for it and figure out which of the disaster recovery options that exist in the world today, make the best sense for you – you can be guaranteed that your competition is.