Protect the young

As attention increasingly turns to a recession, now is the time for young entrepreneurs to think ahead and formulate a plan to protect their business. Salon Smart tracked down some top tips from those in the know!

If you’re under 40, chances are you’ve never worked through a major recession and may not fully appreciate the hardship associated with it. The Business Inflation Guide, commissioned by MORE TH>N BUSINESS, revealed the cost of running a small business in the UK is rising by 9.9 per cent, with climbing energy and raw material costs mostly to blame.


MORE TH>N BUSINESS has highlighted some simple steps young business owners can take to help them successfully negotiate the economic downturn.



1. Increase your cash flow
Bill early and bill often. Set up automatic late payment reminders. Send out payments as soon as the project is completed. Track your time to ensure you are fairly compensated. 



2. Reduce power bills
Consider alternative heating and electricity plans. Carry out an energy audit and see how your utility provider stacks up. Turn off lights during the night. 



3. Charge an upfront retainer fee to ensure you get paid
Requesting a retainer fee upfront provides a cushion while you are working on another job.