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THE MAGAZINE FOR THE DRAINAGE, WATER & WASTEWATER INDUSTRIES


What is the state of your variable expenses? What about your overhead costs? It’s worth reviewing these in detail to identify what could be reduced, even if temporarily. Suppliers might even be prepared to give you a discount if they can, so it’s worth checking.


Increasing your rates


Do you have any scope to increase your current rates? You can consider adding a premium to emergency services if you haven’t got one in place already. Make sure you are setting your pricing sensitively and appropriately.


Issuing all invoices


Have all invoices for work completed been sent out? Make sure they’re sent out as soon as possible to bring in cash quicker. The faster you send an invoice, the better the chances are of it getting paid. Consider who you’re doing work for, if a customer has big outstanding balance then maybe cut back on the work you do for them rather than risk not getting paid


With Okappy you can:


• Raise your invoices as soon as the job is complete and, with one-click, send them out


• Allow customers to see the invoice as soon as it’s raised • Take payments though the platform so you get your cash faster • Run reports of the invoices received and invoices raised over time • Use the outstanding invoices report to see who owes who what


• See how much is owed when adding jobs for a customer, so you know whether it’s safe to continue doing more work.


What to do in The Meantime?


You may not be in a position to dramatically improve your cash flow right now, but there are other ways you can prepare your business for when things pick up again.


Keep Connected With Customers


Make sure you keep communicating with your customers to check in and update them with where you’re at. Even if it’s to say that you’ve furloughed all your engineers, but will let them know when you’re ready to serve again. This will help keep them in the loop and build trust.


Make Improvements to Your Business


You may find yourself with more time to focus on some of the areas of your business that you don’t normally have time to address. How could it be looking in better shape? Perhaps now is the time to look into other areas of digital marketing, such as social media, that could be benefiting you. You could also use this time to ask for customer reviews - something we all know is important but often gets forgotten.


We hope you find this article useful and it gives you a starting point in helping you understand and manage your cash flow during this time. Don’t forget, Okappy is designed to streamline your communications and workforce management processes, and is one solution that could help reduce disruption


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Getting financial assistance


If the situation of your cashflow finds you with more money going out than coming in, you may need to receive some assistance from the government. Information and resources regarding financial support for businesses can be found on the UK Government website.


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