Ken West, Director of 3∙6∙5 on the financial side of coronavirus
Ken West, Director of 3∙6∙5 Salon Education shares his views on the financial side of the coronavirus crisis and the help the government are offering to businesses like yours.
- We cannot stop working on our businesses, use the time you have while the salon doors are closed to work on the relationships with your guests
- Take the money that the government are offering during challenging times. Grants, payment holidays etc. but be mindful of overcommiting yourself as some of it will need to be paid back. You need cashflow to keep your business going.
- Monitor your cashflow, you will still have outgoings. Set up a cashflow budget. Look at using digital accounting services.
- If your business wasn't profitable before the crisis, it is unlikely it will be after it is over. Maybe this is the time for you to let go of a business that has been draining you for a while.