What should I do if my small business experiences a cash flow crisis?

If your small business experiences a cash flow crisis, it’s important to immediately mitigate the situation. Start by closely analysing your cash flow, identifying areas of concern, and prioritising essential expenses. Consider negotiating extended payment terms with suppliers, reaching out to lenders for temporary relief, or exploring short-term financing options. 

Additionally, implement cost-cutting measures, improve collections efforts, and communicate transparently with stakeholders. Seeking professional financial advice can also provide valuable guidance in navigating the crisis and developing a recovery plan.