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Cash flow problems are a fact of business for all companies, but during a global pandemic they can feel overwhelming. Everyone is feeling the strain—from suppliers and vendors through to customers—and if your cash flow problems are immediate, we have a few quick solutions that can take some of the pressure off your business.

Take a Short-term Business Loan

When your business needs funds quickly, a short-term business loan can be the right solution. These types of loans offer hassle-free application and banks can approve successful applications in a short time. CIMB’s SME Quick Biz Financing requires no collateral, can extend loans up to RM1 million and is available to all Malaysian-owned SMEs that have been in operation for at least 3 years.

 

Other kinds of short-term business loans could be an overdraft facility that gives you flexible access to funds with no fixed repayment schedule; or a revolving credit facility that upon maturity gives you the flexibility of fully repaying the amount due, making a partial payment or even renewing the facility for another short-term tenure. You can find out more about these and CIMB’s other working capital solutions here.

Reduce Your Cash Outflows

Take a look at your business’s liabilities and find where you can take action to reduce your cash outflows. If you rent your business space, contact your landlord and ask for a discount on the rent and also if they will allow a grace period before the rent is due.

 

Similarly, contact your suppliers and vendors and ask if they can extend your payment terms. Additionally, review your contracts with them and renegotiate, or even cancel, these as necessary within your funding constraints.

 

Explore ways to reduce your business’s variable costs. Can everyone who works in the office instead work from home? Then you can turn off the air-conditioning. Are your phone and internet services the right ones for your business and the best deals in the market? Shop around and see if there’s a cheaper solution from some other provider

 

Getting your business’s cash outflow under control is critical to overcoming your cash flow problems.

 

Improve Your Cash Inflows

Ask yourself what can your business do to make it easier and faster for your customers to pay you.

 

An affordable way to start doing this is to use BizChannel@CIMB to automate your invoicing system. Automation improves accuracy and so reduces the time and cost caused by invoicing errors, ensures that invoices are delivered to clients on time so that they can be processed and paid on time, and makes it easier to keep track of and collect on past due invoices.

 

Furthermore, BizChannel@CIMB allows your customers to pay you via JomPay and DuitNow in addition to supporting traditional payment channels.

BizChannel@CIMB also offers other cash management solutions for your business that include account services, payments and liquidity management.




There are many ways to solve business cash flow problems and you can deal with them quickly and efficiently if you stay on top of the matter. You should also speak with a business financial advisor, your accountant or a mentor to find the best way forward.

 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions towards positively improving welfare and well-being of communities. This is one of our many efforts to achieve CIMB’s purpose of advancing customers and society.


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