{"id":8870,"date":"2020-09-22T09:04:55","date_gmt":"2020-09-22T08:04:55","guid":{"rendered":"https:\/\/alexanderrosse.co.uk\/?p=8870"},"modified":"2022-03-03T01:01:40","modified_gmt":"2022-03-03T01:01:40","slug":"how-to-build-a-cash-war-chest-when-money-is-tight","status":"publish","type":"post","link":"https:\/\/alexanderrosse.co.uk\/how-to-build-a-cash-war-chest-when-money-is-tight\/","title":{"rendered":"How to build a cash war chest when money is tight"},"content":{"rendered":"

Your \u201cwar chest\u201d is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy.<\/p>\n

Here are some ways to build\u2014or preserve\u2014a cash war chest during a crisis.<\/p>\n

1. Shift all extra money to your cash reserve<\/h3>\n

Some of your costs stay the same during a pandemic, but other expenditures are no longer necessary. You may have had money allocated for business travel or networking events that will not happen. Discretionary money for entertainment or hiring may now be freed up. Take some of that money (or all of it, if possible) and add it to your cash reserves.<\/p>\n

2. Preserve cash where possible<\/h3>\n

Go through your expenses and see what you can reduce. Are there ways for you to cut costs so additional money can be put into the cash reserves? Are there services you pay for that you don\u2019t need to right now? Are there software subscriptions you don\u2019t use?<\/p>\n

Variable costs are often the quickest areas to save money.<\/p>\n

Make laying people off the last resort, if at all possible. For some businesses, employees have to be let go but remember that at some point you\u2019ll need to have your business operational again and for that to happen, you need employees.<\/p>\n

3. Take advantage of assistance programs<\/h3>\n

Government assistance programs are there to help you during this crisis. Pay attention to any loan repayment terms and don\u2019t sign up for anything your business can\u2019t afford to pay back, but if there are programs you\u2019re eligble for, use them.<\/p>\n

It\u2019s not just the government offering assistance, either. Financial institutions, large corporations and loan providers are all looking at ways to support small businesses and prevent entrepreneurs from closing up shop. Do some research to see which of those you\u2019re eligible for and apply.<\/p>\n

Use that money to cover your expenses, and use any freed up money to build up your reserves.<\/p>\n

4. Make alternative arrangements with suppliers<\/h3>\n

You may be able to push back payments to your suppliers. Talk to your suppliers to find out if there are ways to extend your payment deadlines without damaging your relationship with them. See if there are arrangements that save you money without costing them a lot. Even slightly extended payment terms can help you with your cash flow so you don\u2019t have to dip into your war chest.<\/p>\n

What\u2019s next?<\/h3>\n

When you\u2019re trying to keep your business alive, putting money in the war chest might not be high on your priority list. Even if you can\u2019t put money into the reserve, do your best to avoid taking money out of it unless absolutely necessary. If you do have to dip into it, try to pay that money back as quickly as you can.<\/p>\n

Find ways to reduce expenses\u2014especially variable expenses\u2014and even bring some money in if you can. There are some things you can do to save yourself some money and live to fight another day.<\/p>\n

If you\u2019re worried about cashflow, please get in touch with us.<\/p>\n

Got a question? Please don’t hesitate to get in touch.
\nContact us<\/a><\/p>\n

Contact us<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Your \u201cwar chest\u201d is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep … Continued<\/a><\/p>\n","protected":false},"author":14,"featured_media":9561,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[54],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nHow to build a cash war chest when money is tight - Alexander Rosse<\/title>\n<meta name=\"description\" content=\"Your \u201cwar chest\u201d is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/alexanderrosse.co.uk\/how-to-build-a-cash-war-chest-when-money-is-tight\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to build a cash war chest when money is tight - 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