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How to maximise the financial help available

Ken West, Director of 3∙6∙5 Salon Education shares his views on how you can best use the financial help available to you to aid your business in this turbulent time.

 

  • Grants - Use the grants available to help keep your business afloat. As these should not have to be paid back, utilise grants to cover your vital expenses such as rents and rates. Remember that wages will be covered by the Job Retention Scheme.
  • Loans - Remember any loans taken out will have to be paid back. Only spend what you need to and any not spent can be used to repay the loan. Scale back your expenditure and take a good look at your outgoings.
  • Breakeven - This is usually based on either how much money or how many guests you need in order to cover your costs. I would recommend that you do it again. The way that you run your business will not be the same and your costs won't be the same. 
  • Adversity brings Opportunity - Use this time to your advantage. Do all the things that you don't usually have time to do and work on your business instead of in it.
  • Customers - Don't forget your customers! Keep in contact with them and build on your relationship by sharing positive ideas and thoughts until you can get them back in your chair. This is another opportunity where you can add value.

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Posted in: News, Business Building