1. Your control of the coronavirus
I probably bang on about this too much within my blogs but it is really important to understand.
Our lives and our businesses are not defined by what happens to us but instead by how we respond to the situation.
The coronavirus is here and the impact is becoming fairly apparent it is now up to you to decide what YOU are going to do about it for yourself.
Your response to this will determine whether your business sinks or swims.
What your current bookings need from you right now is clear, concise communication.
They need to know exactly what is going on at your end and what your policies are with regards to everything.
The policy that we see most people taking, ourselves included, is that if your wedding has to be cancelled then you can transfer your booking to another date at no additional cost.
The difficulty comes when you’re not available on this re-arranged date.
You then need to refer to your own T+Cs to check legally where you stand.
From here you need to judgement call on whether you wish to enforce things or not.
Our general advice is be kind.
This is going to be a potentially major issue for a lot of you during the coronavirus pandemic.
If your policy on payment has a small percentage deposit followed by a balance payment closer to the date then you may be in a situation whereby that money which you were reliant on might not be forthcoming.
There are clearly two ways in which you can help yourself.
1. Reduce outgoings.
2. Ensure that you have money coming in.
Let’s look at reducing outgoings.
I’d recommend looking at absolutely everything you’re spending money on and cut back on everything possible.
If you’ve over paid your mortgage in the past can you get a payment holiday?
lookaftermybills.com can automatically put you on the cheapest tariff available for your energy.
Dispense with unnecessary personal and business expenses.
With necessary business purchases I’d look at delaying making purchases as long as possible.
There would be nothing more frustrating than buying stock for a wedding only to have it cancelled and that money wasted.
And what about income?
Well this is really, really tricky.
Your current bookings have agreed payment terms with you and the majority of people aren’t going to be looking to pay things earlier than they have to.
You could in theory ASK for an early payment but this could lead to problems further down the line.
The most sensible source of income is actually in landing more bookings.
Which brings us to….
4. Don’t stop marketing
Now if this has spun your head off then I’m not completely surprised.
If you have a solid marketing/advertising plan in place then let your statistics, not your heart, make the decision.
People still clicking adverts? Are people making enquiries? People still booking you? Why on earth would you turn your marketing off?
It’s a source of income.
Also for new bookings you can set whatever payment terms you like which means you can help improve your cashflow.