How to reduce payment pressure and secure liquidity? – the expert tips
The crisis has stopped or slowed down the inflow of your revenues, but you still have to meet your payment obligations. The key is to reduce payment pressure and secure liquidity. Let’s go through the tips.
- First, get a clear picture of your financial situation - create a liquidity plan.
- Contact your bank manager - negotiate deferral of loan repayments due (principal and interest) or the possibility of taking out a bridging loan.
- Try to arrange an extension of the payment term with suppliers, a reduction of advance payments or solutions for the repayment of deferred amounts with the tax office, health insurance fund and SVS.
- Take advantage of the wide range of subsidy offers, seek advice if necessary (chamber of commerce, tax advisor, business consultant); apply quickly if the subsidy requirements apply to your business.
- Organizational measures can help to accelerate the inflow of liquid funds (rapid invoicing, shorter payment terms to customers, partial invoicing for long-term orders).
- First, clarify all funding options for your personnel costs. Try to explore part-time options. Bind employees to the company through short-time work models or part-time variants. Adjust your personnel costs quickly to the workload expected in the coming months.
- Review your purchasing policy, pay attention to your stock levels - if possible, buy in shorter intervals and in smaller quantities in order to save liquidity.
- Consider alternative use of parts of the building (renting, leasing) to raise additional cash.
- Determine which liquid funds are available to you quickly and without bureaucracy in an emergency (e.g. private savings accounts, income from other activities, support from family, acquaintances).
- Despite the unpleasant general conditions - try to radiate an optimistic basic mood to your customers and employees.