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.
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