Advantage Travel Partnership is encouraging members to put together cash flow forecasts for the next 12 months to safeguard their future.
The travel agency consortium said this would not be something many small businesses would normally compile on a regular basis, but that it was vital in the current crisis.
Head of business development David Moon, speaking on the consortium’s daily video to members, said: “We have been asking businesses to think about putting together a cash flow forecast. It will help them to identify cash flow issues that may crop up in the future.
“The quicker you know where the challenges lie, the quicker you can set about trying to offset them.”
Moon also said that members which were planning to apply for a coronavirus business interruption loan offered by the government – which underwrites 80% of the loan with approved banks – would need a cash flow forecast for the next 12 months to demonstrate they could afford to repay the loan.
“At the moment, putting together a cashflow forecast is going to be absolutely critical to help you manage your business much more effectively,” he added.