Wise-Sync presents Survive and Thrive, a webinar series specially dedicated to sharing key insights and industry-led advice to guide fellow businesses facing an economic downturn. And what happens when THE WISE GUY joins THE MSP GUY ? You get the A-grade tips every business owner needs to hear!
The third segment in our series, 'Practical strategies to increase your cash flow,' sees Nigel Moore, The Tech Tribe Founder, Author, and industry-renowned Consultant for MSPs everywhere, and Paul MacNeill, CEO & Founder of Wise-Sync and Wise-Pay, come together to share the fundamental strategies* that businesses can implement today for an improved cash flow (right now).
Cash flow is King, but...
...more importantly, it's also the oxygen of your business! And without it, you cannot breathe - you will be suffocating, which is why it's imperative to implement change and make definitive actions today for the longevity of your business tomorrow.
In the words of Paul MacNeill, "those that survive can turn this into an opportunity to thrive," which is where the following strategies come in.
Where should I be focusing my time and effort?
Nigel Moore explains the importance of getting the media "out of your world," in order to focus on the things that matter, the things you can control, and what you should focus on.
The things that you should focus on are the things that you can control, such as deepening relationships with your clients, fixing accounts receivable issues within your business, and implementing new processes to solve these issues, so that when you do come out on the other side - "you've actually got a process in place that does all of this [stuff] automatically, rather than not."
This is why it's also vital to ask yourself the following questions: 1. What can I do to serve my clients better? and 2. What can I do to serve our industry better? - and work on that!
Understand your receivables, and invest in the tools that can create better outcomes.
MacNeill and Moore discuss investing in tools that drive greater efficiency within your business, as an absolute necessity. Here, they also provide a key strategy on how to approach debtors, and what this means for the liquidation of a business' assets, and how to negotiate priority creditor situations with clients, whom you've recognized, are at a greater risk.
For any client using a third-party service, it pays to learn about the Personal Property Securities Register (PPSR), and to seek legal advice where needed. In the event of liquidation, MacNeill advises to "get paid upfront," and utilize prepayment services, while Moore says, if you have a client that faces administrational bankruptcy or solvency, "don't get angry at the liquidators, become friends with them (watch the above recording from 22:22 to find out exactly why)."
Embracing remote work, and how to ensure your team's on-board.
MacNeill and Moore reflect on the industry shift to remote work, and how to make certain that your team, clients, and prospects are feeling secure. Whether this means making a call, sending an email or running a helpful webinar, MacNeill and Moore discuss steps you can take to ensure your company's both able to embrace the shift, and even more importantly, to implement the right frameworks in order to position your organization for future success - business owners are hurting, and "now, is all about making genuine relationships," and offering value (not just a product).
Seeking a coronavirus stimulus for your business...
MacNeill and Moore talk about the various stimulus options available for businesses, including those you may not have heard of yet, and how to seek the right stimulus to help transition your business; everywhere from government grants to business concessions.
For the full recap, which includes how to offer customer discounts, managing cash outflows and accounts receivable, automatic payments and viability, and more -
Please watch the recording above.
Survive and Thrive: Maximizing service management in a remote world - co-hosted by Todd Kane, Evolved Management Consulting.
Friday, 1 May at 08:00am (AEST)
We look forward to seeing you online then!
*DISCLAIMER of General Advice: The information provided to you during this webinar and throughout this blog post, is general in nature only and not specific to your circumstances. Wise-Sync and our panel of experts disclaim all liability for any losses or damages arising in relation to the information provided. We recommend you obtain any legal and financial advice for your specific situation from your trusted advisors.