Managing Business Finance in COVID-19 Pandemic

 for Small Business & Social Enterprise

 

Response to CORONAVIRUS PANDEMIC

By Sam Duru MIC, MCIPS

  • Fund Raising strategies
  • Cost Control
  • Sustainability
  • Understanding your financial position
  • Managing uncertainty/risks
  • In control of your finance

Why think about Managing finance

Sustainability: (Survival)

The term is applicable to both private and public sector organisations.
&
Factors determining Sustainability

1 Planning

2 Budgeting

3 Cash-flow

4 Cost Control

 

Planning Financing Questions to Answer

Setting the main objectives/goals

Identifying capacity requirement

Building in manageable time frame

Identifying sources of finance & analysing them

Setting out the policies

Setting out control/Feedback mechanisms

Setting targets

  • Have you the staff
  • Have you the systems/IT
  • Have you developed the processes and procedures
  • Are your systems and processes constantly updated and backed up
  • Are you up to date with your control mechanisms
  • Can you collaborate

 

Importance of Managing your Finance Being Practical & realistic

To extend the viability of your organisation

To add value to your service provision

To be credible to your funders

To justify the reasons for your existence

To provide job for your employees

To identify potential risks

Making sure correct decisions are made on matters relating to finance

Identify when costs can be minimised or rationalized

 

General understanding of cost implications

Day-to-day control of costs

Purchases and use of material in your organisation

Keeping adequate financial records

Looking at cost –benefit – analysis

Elimination of wastes

 

COVID-19 SURVIVAL TIPS
Managing Costs for Business

1.      Have dedicated staff managing your finance

2.      Make sure all staff understand the objectives of your financial control

3.      Make sure all your policies are adequate and understood

4.      Improve your billing and collection system/procedures

5.      Improve your account payable system

6.      Streamline your Banking processes

7.      Manage your staff time effectively

8.      Cutback on unnecessary travels

9.      Consider doing certain things in-house

10.   Consider doing meetings by Zoom etc

11.   Invest on good internet connections

12.   Consider switching your energy supplier

13.   Consider job-share

14.   Re-Cycle more

15.   Consider office share/work from home

16.   Take advantage of rent rebates

17.   Consider downsizing your office space

18.   Renegotiate your leases where possible

19.   Avoid unnecessary bank/other charges

20.   Lookout for package bookings and discounts

21.   Accept cash & BACS where necessary

22.   Consider charging upfront for your services wherever possible

23.   Look out for Government grants

24.   Get rid of redundant equipment

25.   Understand your cash-flow (cash is king)

26.   Consider leasing assets instead of buying (value for money)

27.   Implement full cost recovery in your grant applications/quotations

28.   Minimise general overheads

29.   Consider your opening hours

 

For in-depth business solutions:

Contact:
Sam Duru MIC, MCIPS
Management Accountant
Managing Consultant

 

SCA

SCA

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