Ron Myers from The Consulting Room Group interviewed two Financial Directors, Grace Oforiokuma and Haider Mawji from the FD Centre (www.thefdcentre.co.uk) to answer some of the common financial questions that our Members have concerning their business during lockdown.
For clinics who generate a turnover of close to £2million+/annum, we have negotiated up to 6 hours of complimentary 1:1 financial scenario planning calls with an experienced FD.
This could be invaluable for larger clinics (and clinic chains) where the experience of an FD could prove invaluable for businesses who may be more significantly affected by prolonged closure due to the size and complexity of their business model, and associated scale of expenses.
For more details about this exclusive offer, please see below.
To listen to the 41-minute podcast which gives answers to the questions listed below and will be useful to clinic owners of all sizes – please CLICK HERE (mp3 file).
A transcript of the discussion is also available below for further referencing.
- Clinic owners and many associated aesthetic industry suppliers have lost the majority of their income as clinics have closed for treatments. What steps should they be taking to mitigate losses and secure their business?
- Are clinics eligible for a Business Interruption Loan and if so how do they make an application?
- If a business applied for a commercial loan or lease on a piece of equipment last year and was rejected, would they still qualify for a business interruption loan?
- How does a business determine how much they should apply for?
- What other funding is available to a business during this time?
- What else should a business consider before applying for any loan?
- For businesses that are struggling to make payroll or meet supplier demands in the next few weeks - how soon will government grants/ loans be paid out?
- Many clinics and suppliers have a small but loyal workforce with critical individual skillsets. What can they do to protect them financially during this time?
- If you are a Director but also work for the business part-time, can you furlough yourself?
- How do clinics discourage clients from cancellation or refunds for any courses that they have already paid for?
- Many clinics owe a lot of money to suppliers for leases payments on machines, or injectable or skincare products that they bought pre-lockdown. A lot of the suppliers have given clinics a payment holiday, but many are worried that they will start pressing them for payment as soon as they start trading again.
How would you suggest they approach suppliers if they are concerned about cashflow and paying past bills, but also have a need to order more products to run their business in the first few weeks when they can open their clinics and start to trade again.
- If a clinic feels that they are not going to be able to trade through this, or has a supplier that is aggressively chasing debt, and they are considering the option of closing their business, where should they go for best advice about handling this process in the correct way?
Download the Finance discussion with Ron Myers and two financial directors here
Download FD Centre Offer FREE for Consulting Room Members here
