Bank holidays or the holiday season is the peak time where a business can experience some cash flow issue. It is a better idea to be prepared at this time.
Here are some easy tips to manage cash flow during bank holidays:
1. Find new ways for income
Offer some discounts or a new service to customers. For example, if you have a retail business, offer free or affordable gift wrapping options.
2. Prepare a budget
Allocate budget to different tasks. Keep an adequate amount of cash handy for urgent situations. This will help in maintaining the cash flow.
3. Consider having a flexible workforce
Having some freelancers or temporary employees can help the business without having to spend much on labour costs.
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