Understand your company's position and learn more about the options available
Advice for Salons and Hairdresser Businesses
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Rescue, Recovery, and Closure Options for Salons and Hairdressers
While there are certain products and services we will all need to buy regardless of our financial position, others are more able to be cut from our budgets. For those running a hairdressing or beauty salon business, they could unfortunately find themselves falling victim to increasingly squeezed household budgets.
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As consumers are forced to tighten their belts to cope with ever-increasing household bills and rising food and fuel costs, this money will in many cases come out of discretionary spending budgets. Unfortunately for those operating businesses which provide non-essential products and services, this will reduce the money available for those ‘nice to haves’. Among the industries expecting to be hit with this squeeze on discretionary spending is the health and beauty sector, including hairdressers and salons.
Coupled with falling demand, those operating hairdressers, salons, and beauty shops also need to contend with the rising cost of doing business. From escalating rent and business rates, utility bills, staff costs, as well as higher prices for vital stock and supplies, this situation could be the perfect storm for those already struggling to balance the books.
If you own or operate a hairdressers, barber shop, or salon, and are concerned what the future holds and whether you will be able to continue meeting your outgoings, seeking the advice of a licensed insolvency practitioner will help you better understand your current position and the options for moving forwards.
During challenging financial times, company directors – including those in the hairdressing trade – need to be more aware than ever of the impending signs of insolvency. A company can be said to be cash flow insolvent when it’s outgoings are greater than the money coming into the business. Balance sheet insolvency is identified by a company having more liabilities (such as loans, debt to creditors, and compulsory lease obligations) than it owns outright (such as property, vehicles, and stock).
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If you believe your hairdressing business is heading towards a state of insolvency – or maybe it already is insolvent – taking swift action is vital. As the director of an insolvent limited company, you have a number of duties you are legally obliged to adhere to when it comes to operating your hairdressers or salon business going forwards. One of these is to ensure your place the interests of your creditors above those of your company and your fellow shareholders. This means you should not take out any additional credit you know you will be unable to repay, and there are also strict rules about paying your existing creditors during this time.
A licensed insolvency practitioner will be able to assess your salon’s current financial position and give you the advice you need about your next move. This may involve opening informal negotiations with creditors, or perhaps entering into formal insolvency proceedings if the situation requires it.
If the company’s financial situation has taken your hairdressers past the point of recovery, we can talk you through the options you have for closing the business (even if it has debts outstanding) and what liquidation would mean for you, your employees, and your creditors.
For expert help and advice on navigating financial and operational difficulties with your hairdressers, beauty salon, or barber shop, contact the experts at Real Business Rescue today for immediate sector-specific support and guidance.
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