Business has become one of the sectors most affected since the emergence of the Covid-19 pandemic. Many businesses have had to be temporarily closed to reduce the risk of the spread of Covid-19. After imposing PSBB (Large-Scale Social Restrictions) for several weeks, the government is now preparing a new normal period so that people can return to their activities, but still guided by the health protocol. Now, to run a business in this new era, business people certainly need to prepare a number of things so that the business continues to run smoothly, one of which is managing business finances. Want to know how to manage business finance in the new normal era? Find out the answer through the following steps!
1. Check emergency funds and business cash
The first step you need to prepare to face the new normal era is to examine emergency funds and business cash. Try checking cash and emergency funds available during the pandemic. An examination of the financial condition of a business is very helpful for you to manage your business plans in the new normal era. In addition, you also need to see, what costs you reduce during the pandemic. So when you are ready to enter the new normal era, you can consider whether there are costs that need to be added again so that the production process can run easily.
2. Rearrange cash flow
After checking the emergency funds and business cash to evaluate expenses and income, the next thing you need to do is reset cash flow. You can make some budget changes that are tailored to your business activities during the new normal phase. To make changes to the budget, you can look at the previous budget as a consideration to see income and expenditure during the pandemic. From these data, then you can estimate the budget plan in the new normal era in accordance with the target and the production process.
3. Set spending priorities
After you reset the cash flow, then what you can also do is adjust the expenses needed to operate the business. Make a priority and determine, then the expenses that must be done immediately and which expenses you can postpone. Don’t forget to make a payment schedule so that you can do all transactions smoothly.
4. Increase income
You have done financial planning, so now is the time for you to increase income so that business performance can return smoothly, like in the pre-crisis period. During a pandemic, of course you are asked to pay attention to changing habits, such as placing an order on certain products. Now, when the outbreak has been lowered, try to reconsider, whether the tendency will continue or it will change as before. If it still continues, then you need to bring innovations to suit customer needs.
5. Creating innovation to business management
In addition to bringing innovations to the products you sell, you also need to bring innovations so you can manage money more easily. Moreover, you can advance technological advancements such as Cashlez. Simply download the Cashlez Application and register as a Merchant, you can get a free reporting feature that records all transactions at the place of business in real time. Without going to the store, you can monitor all income. Not only that, the settlement schedule can also be set by yourself so you don’t need to worry when skipping the settlement schedule.
When in a crisis, many business owners turn to survival mode. Hence, the right financial arrangements will really help you develop a business in the new normal period.