With an industry-wide closure, operations at 50-80% capacity, client hesitancy, and COVID-safe supplies and procedures, it’s safe to say most businesses are navigating serious new costs this year. So how can we recover these costs? While we are all craving clear guidance and simple one-size-fits-all solutions, this is simply not the reality.
According to Caylee Augé of Salon Profit Project, the answer is in your cash flow — and that will be unique to your business. “Cash flow is different than profit,” she says, “a company can be profitable and still run out of cash.” By doing a complete financial review of your business and really understanding your numbers, you can choose an effective solution for you.
“We’re navigating the same seas, but we’re all in different boats.”