In Practice: Know how - Recession

3 March 2009 1 min read Early Years

The current economic climate is proving tough for many businesses and childcare is no exception. Children's centres, schools and their independent sector partners will need to plan carefully to ensure early years childcare and out-of-school provision for older children does not founder. Taking action now could save provision from closing further down the line.

In a recession, any small business is open to the risk of closure. The speed of change and the effect on finances is intensified at this time, so there is no substitute for increasing the regularity of completing financial paperwork and monitoring accounts. This will help with identifying risks and challenges. You can call on your local authority's business support officer for guidance and support.

Don't allow parents to build up bad debts as the likelihood of these being paid reduces during recessions. There is evidence some parents are withdrawing their children from childcare at little or no notice and this can increase the risk of accounts not being settled.

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: