Several companies in the small business sector will not survive the coronavirus.
Nicholas Haralambous is the founder of the style company, Nicharry.com.
He shares his concerns and advice with The Money Show.
I think that scared is an understatement. I don't think there is a word that can stress how concerned we should be about small business in the next six, twelve even up to 36 months. We're making some assumptions that are slightly incorrect at the moment. We think this lockdown is only 21 days. I'm concerned that it might go on for another 21 days.— Nicholas Haralambous, founder - Nicharry.com
We should not be paranoid and panic, but business owners need to be prepared. Get to grips with your finances, how much money you have in the bank - what your expenses will be for the next few months. You need to be communicating with your suppliers and your customers. If you don't know what's coming in the next few weeks you're already in trouble. Make sure your product is as good as it can be. Nobody is going to put up with average service at the moment.— Nicholas Haralambous, founder - Nicharry.com
Listen to the full sound clip here.
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