Clever cash flow management is not rocket science, but you need to act quickly.

Ivor Tucker

Founder of Entrepreneurs’ World, a business support and networking club

“Speak to suppliers about barter arrangements. It tends to work better in services than physical products given that services are widely provided. I am doing some work with someone who is helping to do some financial modelling for me and I am giving her free membership of Entrepreneurs’ World in return. You can get more sophisticated by using a barter company, which acts as an intermediary between several swaps.

“Also, talk to customers about becoming suppliers and vice versa.”

Nigel Culkin

Head of enterprise and entrepreneurial development at the University of Hertfordshire

“Work with the tax man. Make sure that you, the owners, are claiming everything that is legitimate to claim against tax. Talk to the VAT office about your next payment; putting it off by one or two months might just make the difference.

“Go to the bank and find out how many of their promises about supporting small business are real.

“What you don’t want at this time is to lose your key staff, so don’t stop training your workforce.

“Credit check your clients. A new customer might seem to be the answer to your prayers, but it could be the start of an even bigger set of problems. Try and talk to one of their current suppliers to find out what they are like as a customer.”

Carl Jackson

Director of Tenon Group, a corporate recovery specialist

“It is what you call ‘back to basics’: picking the phone up and going around and seeing customers. If you are buying and selling stock, you have to keep the stock as low as possible. If you have cash flow problems, the key is to recognise it early.

“People are more pragmatic than in the last recession. Before, people would send for the bailiff at the first sign of trouble but now they have support teams in place.”