DETERMINE YOUR FINANCIAL POSITION
Once you have reconstructed and reviewed your financial statements, we suggest that you determine the financial position of your business. This is important as:
- there may be substantial outgoings to pay before you can restart, therefore you will need to assess how to fund these outgoings and whether you can afford it
- there may be a significant period before you can restart trading and therefore you may have to rely on existing sources of cash until that time
- it can assist in determining insurance claims, such as business interruption insurance
- it will be a key factor in determining which direction you can take your business in the future.
State of business finances checklist (PDF, see page 10)