It's no good putting your head in the sand if you are faced with the impact of financial hard times - instead consider these top tips for coping with troubled times.

As the effects of the credit crunch start to bite, the Institute of Chartered Accountants in England and Wales (ICAEW) has devised ten top tips to help businesses safeguard their finances:* Put cashflow and financing on the agenda for every management meeting* Regularly update cashflow forecasts* If there is a conflict between profitability and cashflow, take the cashflow option* If you have a term loan or overdraft, be aware of any covenants and constantly monitor how close you are to breaching them* Prepare thoroughly if a review is coming up on any of your financing facilities* If limits might be threatened, "think the unthinkable" regarding the sale of assets* Talk to current financiers before you get into difficulties. Otherwise you devalue future forecasts* Make sure that all types and sources of finance have been fully considered * Invest time talking to new sources of finance. You might need them if your current providers prove difficult* If you are "cash rich", draw up a list of ways you could use surplus cash for the longer term benefit of the business.

John Butler, of the Tenon Group, York, who is president of York Society of Chartered Accountants, said: "Businesses must keep a close eye on current and future financing while credit is tight.

"It is no good putting your head in the sand. These ten tips all represent sound business advice, but the most important is tip one - put the issue on the agenda at every management meeting and do not let it out of your sight."