Finance 18 January 2021

How to thrive (not just survive) in 2021

Jon Maycock - Commercial Director,  Propel Finance
“Effective cash flow forecasting will be key”
Name:jon Maycock

Position and Company: Commercial Director at Propel Finance

Bio: Jon has 20 years’ experience in the SME lending market across a range of commercial & leadership roles.

He holds a proven track record in scaling asset finance businesses through direct, intermediary and vendor channels; with a passion for delivering great results for customers through great people and with great technologies.

How can businesses best prepare for a financially sound 2021?

“The right preparation really boils down to solid financial planning.”

Firms will be facing intensified pressure to protect their cash in 2021 and so their arrangements should include measures to preserve their existing lines of credit wherever possible.

Whether they are working with an established clearing bank, challenger or fintech, they will find it beneficial to protect themselves by keeping much needed capital within the business to take advantage of opportunities for growth or to handle any potential bumps in the road ahead.

“It may also be possible through asset refinance for businesses to unlock the hidden reserves of working capital tied up in their existing assets for growth.”

Effective cash flow forecasting will be key, especially during the early stages of 2021 and it is vital that any loan repayments will need to be included as an integral part of the financial planning process.

What advice would you give businesses planning ahead to repay government loans, specifically BBLS, CBILS and CLBLS?

To calculate how much cash your organisation will need, produce a list of everything that you plan to spend your money on and when these payments are due.

Once the costs have been mapped out, build a cash flow forecast showing on one page exactly what is coming in and what is going out.

Decide how much cash is needed to run the business day to day, week to week and month to month including the loan repayment.

Always be sure to take expert advice from your accountant or business adviser on repayment processes.

What areas should business leaders be focusing on investing in during 2021?


Business development