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How to…

How to…. Support your business by maximizing your cash flow. Dwayne Mann Sr. Vice President, Business & Corporate Credit. What to focus on?. Don’t act on emotion, assess each situation as rationally as possible Understand and monitor your cash flow

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How to…

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  1. How to… Support your business by maximizing your cash flow Dwayne Mann Sr. Vice President, Business & Corporate Credit

  2. What to focus on? Don’t act on emotion, assess each situation as rationally as possible Understand and monitor your cash flow • Prepare a week by week projection of inflows and outflows • You must know where you stand at all times • Lack of cash is what kills • If not in balance, adjust quickly: • Slow down inventory purchases • Collect receivables quicker • Stretch payments to suppliers if possible • Cut expenses that won’t help boost short term sales (no nice to haves) • Reduce owner with-drawls and payments • Can staff work 3 or 4 days instead of 5 • Changes in inventory

  3. What to focus on? Develop a sales boost strategy to increase cash • YYCisopen.com campaign • Connect with your Business Revitalization Zone • Utilize available customer data to: • Let people know you’re open again and offer discounts Keep your bank and suppliers informed • Share details and ask for advice • Be upfront about your business viability • Work to find a solution that works Seek additional support where available • Flood relief assistance through your financial institution • Alberta Government Flood Recovery Programs • Friends, peers, lawyer, book-keeper, accountant

  4. What else to be aware of? • Understand your insurance • Get to know the flood relief programs • Budget wisely for repairs and stick to it

  5. Recap: 5 Steps to Support your Business • Understand and monitor your cash flow • Tighten expenses wherever possible • Develop a sales boost strategy • Keep surprises to your bank and suppliers to a minimum • Seek additional support where available • More tips & resources available at the ATB Financial table

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