The situation that businesses are facing today present us all with many challenges. If you are finding yourself in a cashflow crisis at the moment there are various options you can consider to ease the current position.
Review Your Costs
Review your costs and see if any of your financial obligations can be extended to ease the pressure today.
Look at the assets you may have bought in the last six months. Did you buy these from your cash flow? If so, they could be financed over a longer period, reducing your monthly outgoings.
Asset purchase covers a multitude of items. From cars to equipment, many of these items can be financed over 5 – 7 years if they were purchased recently.
So, go through your recent asset purchases and figure out which of them can be refinanced to ease your current expenses.
Now is the Time to Refinance
Review your main costs now and look at your loan payments for the purchase of your business and/or property.
This is the time to review those costs.
Is the interest rate too high? Can it be renegotiated? Could the repayment period be extended? Could you ask for a period of interest-only?
Doing any of these will reduce your monthly costs during the current challenges.
Up to date accounts and management information are crucial when you are looking to help your cashflow, as lenders will need to see the present position and understand how your trading will look in the future.
Book a Free Consultation to Discuss Your Options
Here at Samera Finance we have over a combined140 years of banking experience in healthcare and generalist markets.
If you want to discuss your options to ease your cash flow, book a free, no obligation consultation with our team today!