So how do you cope with the tougher lending rules? The key is to carefully plan your budgets and forecasts for the coming year ensuring that your profits and cash flow forecasts reflect any new business conditions. Assessing cashflow to service debts is the priority for lenders and as such comes under the closest scrutiny - how you are going to get cash in and minimise cash out is what the banks want to know. This means reducing overheads and pulling in cash as quickly as possible from clients in the short term and then keeping a tight rein on them in the future. A business that can do all of these things is very well placed once the economy starts to improve.
Read the Business Link guide to cashflow forecasting.
Further informationBusiness Link's information library gives you instant access to information and tools to help you tackle key business issues. View our full range of guides to help with financial planning.
Access to help and supportThere is a range of support available for businesses in the North West and you can search our business support directory to find solutions for your business.
If you would like to talk about cashflow issues and how we could support your business, call the business adviser team on 0845 00 66 888 or use our contact us form.