Simon Young suggests going back to basics
We’re really finding it quite tough at the moment. Property work in particular is right down. I wondered if you had any bright new ideas?
I’ve got plenty of ideas, and some may be bright, but to be honest not many are new. Indeed, I think this is, almost by definition, a time when returning to the fundamentals of financial control is not a bad idea. And I’ll bet I can guess where the problems are showing themselves most clearly—getting the cash in.
You’re absolutely right. We’re finding cash fl ow diffi cult to predict.
You’re not alone. Anecdotal evidence suggests that many firms are in what the banks call their “intensive care” programmes. In the good times, one of the advantages of conveyancing work, even though it has low profi t margins, is that the cash it yields is fairly constant, and quick, with only a few months from start to finish. If you cut off that flow, and leave firms reliant on work such as
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