How to fix your cash flow
When working on improving your cash flow, there are three key steps to take to make large and lasting changes. Each step can be broken down into concrete actions that you can take starting right now.
When working on improving your cash flow, there are three key steps to take to make large and lasting changes. Each step can be broken down into concrete actions that you can take starting right now.
In any business, in any industry, the “3 legs” that are required to support a business are Sales, Operations, and Finance. Sales can include sales, marketing, customer support and retention, data analytics, social media, etc. Operations includes “everything you do” to serve your customers. In our industry, it is primarily delivery of fuels and the installation and servicing of heating and cooling equipment. Finance includes everything from budgeting, analyzing, reporting, banking, credit, hedging, and more.
Many factors are conspiring to squeeze you this winter and the impact could be significant. The good news is that owners and managers have time to plan before the chilly days return and your need for cash to support seasonal operations grows again.
The world has changed and it will never be the same. We will be facing more uncertainty over the next few years than ever in our lifetime.The COVID-19 pandemic is not only a health crisis of gigantic proportion—it’s also an imminent restructuring of the global economic order. We are in an essential industry, selling products and services that people will continue to need, but the future is unknown. Are you ready?
In recent weeks, fuel dealers had been lamenting the impact on earnings from an unusually placid winter stretch, with hopes buoyed in some respect by very favorable commodity prices. But seemingly overnight, the COVID-19 scourge which was critically impacting other parts of the world suddenly became very real. Now a pandemic, the virus impact has…