So far, many parents have been generous and kind recognising immediately the simpler economics of our organisational model and offering to pay fees and giving donations. This is on the basis that they recognise the crucial service we offer and want us to be able to continue it when this is over.
It’s simple. Business has to find ways to survive and thrive in an uncertain financial climate and that is a bigger challenge for a social enterprise which is focused on delivering a social purpose; in our case high quality childcare.Therefore, as a social enterprise we are not highly leveraged or carrying lots of reserves. The cash we have in the bank pays our monthly £1m+ pay roll (i.e. 70% of our outgoings). Once the cash is gone, there is no money. As a responsible social business, we always try and have enough cash to pay at least two months’ worth of salaries. Some people have read this as having a nest egg. It’s not! It’s cash to pay staff.
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
