If you run a business...things you can do now to save cash

[ViperStripes]

We specialise in cost reduction for companies, so obviously we've got enquiries coming out our ears and diary's getting full of teleconferences (no point scheduling face to face meetings).

But I thought I would quickly share some quick wins you can implement yourselves, some are easy and take no effort, some you'll need to do some analysis work first but could still save cash now.

1) Stop using PowWowNow, Conference Genie or BT Conferencing and start using one of the 2 below - these aren't affiliate links and I have no association with these companies:
These 2 providers below are offering their services free for now:
https://www.8x8.com/uk/products/video-conferencing
https://whypay.net/compare-plans/

2) Call your mobile provider and see if you have any hardware fund available - it can usually be paid out as cash OR get it paid out with a load of new phones but keep them sealed, and sell to staff by salary sacrifice and save the Employers NI too.

3) Audit your landlines, DDI's etc do you need them all - how many are old and redundant e..g fax lines - cancel them now or move the numbers to the cloud for cheaper

4) Same for mobiles - nearly all fleets I ever audit have plenty of nil usage sims - cancel them, or if in contract issue them to staff working from home and reduce expense claims for personal mobiles.

5) ISDN's - You will have too many channels guaranteed. If you're an Excel whizz calculate how many concurrent calls you had at any point in teh year. Double it for inbound traffic and that's how many you need.

6) Energy, lock in at historically low rates now so you can budget better once we're out the other side. I would advise looking at any renewal up to 1 year ahead depending on the size of the supply. This won't save you cash now though unless you're out of contract.

7) Merchant Card Terminal providers are offering free rental periods upfront to get deals over the line.

8) Software licences - particularly Office365 - if you are buying it direct from Microsoft you can get it on a monthly fee cheaper through a 3rd party than you can get the annual licence from Microsoft. If you switch mid-year having already paid Microsoft upfront, then Microsoft will refund you renainder of the year, so you move to monthly cashflow and get a cash injection.

Sure there are plenty more, but off the top of my head that's a good start I think.

[Dave O'Sullivan]

Fair play for taking the time for posting.
I'm sure others will add to the collective wisdom soon.

[Spy]

Some really useful tips. Thanks for posting.

[Boss13]

Thanks you for sharing. We do use pow wow. So may look at the two options you suggest above.

Anyone else interested a few things we have implemented so far to save cash. I am sure those in the same situation have already looked at these but always good to share:

Take advantage of the rates relief
Rental holiday deals with landlords
Delay paying of sales commission
Cut credit cards
Limit any travel and entertainment (naturally)
Time to pay
Bank Loan
Follow up with the Coronavirus interruption loan as required
80% scheme being investigated
I am sure there were others but cannot recall right now!

Sent from my SM-N950F using Tapatalk

[Boss13]

Bumping this thread and thanking you OP. I have set an account with one of the pow wow alternatives that you mention...yet to try it, but all seems easy to use - same as pow wow without the cost I hope!

[Xantiagib]

we did number 3) recently - loads of unused lines and we consolidated all the fax lines into one outgoing and incoming by fax over VOIP (if you really need to send a fax you need to find the only working fax machine in the building now, so most don't bother)

[pacifichrono]

I've been retired from corporate finance for ten years now, but these items pop to mind:

Accelerate cash inflows:

• Crank up collection of receivables, perhaps with help from a collection agency.
• Price slash on certain products, especially outdated or overstocked.
• Focused advertising designed to SELL NOW.
• Depending on the nature of your business, examine the timing of cash flows from point of receipt to point of 'use' at your bank. Perhaps more efficient methods can be employed to "whisk" cash through your system.

Delay cash outflows:

• Work out arrangements with suppliers and other creditors (e.g., landlords) to gain added grace time for payments (or better!).
• Meet with your banker about a temporary adjustment to your repayment terms, or a refinancing.
• Your banker can also help analyze your use of his bank's systems for collections and disbursements: for example, by moving your disbursement bank to a more 'remote' location, you might be able to delay the clearing of the checks you write.

Other possible measures:

• Seek new equity infusion.
• Lease instead of purchasing equipment (negotiate your own equipment lease line, if you're big enough).
• Examine your assets carefully - - what could you sell to raise cash that won't cripple your future?
• Do you have personal assets...? Relatives or friends who might be well-off and open to an investment opportunity?