Wise Accounting Podcast (wap)

U R OK - Wise Accounting Podcast Episode 30 As a caveat we are not in the business of motivation, but we are in the business of ensuring business success and sometimes that means reassuring people. So let us reassure you too, things will be ok. You just need to stay true to what made your business successful previously, monitor your cash and heed the key performance indicators below and discussed: Debtor days - get these down as low as possible. If you are not decreasing debtor days then you are bank rolling your customers and clients. Personal Business Withdrawals - ensure these are not more than the business can afford and maintain. This may mean a (dreaded) pay cut, but could be for the long term survival. Decrease illiquid assets - keep assets that can be easily converted to cash to allow your business to "survive" challenging times. Assets that can be readily converted to cash are worth a premium during tough times. Monitor overhead expenditure - especially labour costs. These need to be at least repres