The new financial year has arrived, but the effects and financial difficulties of covid-19 are unfortunately likely to continue for a while longer. With that in mind, today we are discussing the best tips and strategies for leaders in terms of the best financial practices going forward.
Now more than ever, it’s important to get to grips with the new year changes quickly and make a positive start with your accounts and finances. There are likely going to be many learnings from the last financial year that can inform your strategy going forward.
Today’s experts share their opinion and advice on how to best look after the bottom line in this new financial year.
Helen Baker, founder of On Your Own Two Feet
What Covid-19 has shown is that people/businesses do not have enough put away for a rainy day. We have been on a growth trajectory for many years, so the expectation that you can accumulate a lot of cheap debt and money will be in there in the future to pay for it, has been challenged.
Some businesses won’t be able to survive so the big issues now are cashflow, have you made “sales” but haven’t actually been paid? Will your clients survive? Will your suppliers be able to keep with your demands? Cashflow is key. Revisit your emergency fund, expenses, debt commitments and whether you really need that big property.
This article was originally published in Dynamic Business
The advice on this site may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information. On Your Own Two Feet, HB Pink Financial ATF HBB Trust, ABN 91 845 886 193. Authorised Representative(s) Godfrey Pembroke Limited an Australian Financial Services Licensee, Registered office 103-153 Miller Street, North Sydney, NSW, 2060