Evaluation of company debt can be started by sorting debt from largest nominal to smallest and shortest to longest tenor, or vice versa. This will give you an idea of the debt position and other obligations that need to be paid off. The next step is to prioritize which obligations need to be paid first, and what obligations are considered lenient so that they can be postponed without harming the company in the future. You are also advised to negotiate with creditors to restructure debt so that you can use reserve funds to boost production in the new normal phase. Not only that, but you can also take advantage of the incentives and subsidies provided for small and medium enterprises through various government programs. Don’t forget to use bookkeepers Sydney to manage your finances and accounts payable.
Based on a written statement from the Ministry of Finance, the government through related institutions has made it easier to obtain capital injections. The government has also stimulated business by supporting credit restructuring programs and lowering interest rates. From the receivable side, it is recommended that you collect regularly, either by email, text message, even telephone or other lines to remind consumers to pay their obligations sooner, or at least on time from the due date. Accounts receivable position needs to be considered periodically because it is one of the current assets that can affect the company’s cash flow. The more uncollectible accounts receivable, the company will lose money.
The next step is to try to increase income to restore the company’s performance when it was new to normal, at least the same as the conditions before the crisis. During the crisis period, you must be observant about changes in consumer behavior, including how changes in buying patterns occur. Will changes in consumer behavior during the crisis continue during the new normal or will it only be temporary? If you have the potential to continue into an established culture, then you can take new business opportunities. After analyzing changes in consumer behavior, you can innovate to produce products that can meet your needs according to changing consumption patterns. Turning a crisis into an opportunity can take the form of creating low-cost, yet beneficial, products for consumers. In the end, you can take business opportunities and increase your income significantly.