Some businesses worry about slowing down, for DrivenByQ though, it is breathing space. August witnesses a reduction in the business travel we undertake. Traditionally, August is holiday season. People take time-off with their families and coincidentally, business trips are delayed. This provides a welcome break for our drivers (and their families). It is a chance for some rest and relaxation as well.
For me, August provides an opportunity for days out and sometimes a mini-break. This year’s highlight was a visit to the British Motor Museum at Gaydon. By sheer coincidence, the Jaguar owners club were there meeting in the car park for ‘Supercharged Saturday’. As a car lover, it was fantastic to see so many classics in one place – in addition, the museum has a dedicated Jaguar section.
As well as restoring my personal energy levels, August is good for our bank balance too. Since the start of this year, we’ve been under financial pressure. Partly because, we pay drivers before customers pay us. Partly because the pandemic squeezed our working capital. With rapid growth, money goes out before it comes in and the bank account needs monitoring, very closely indeed.
For anyone launching a chauffeur company, start-up costs are not the only ones to consider. Paying your drivers places demand on your finances – especially if there is strong growth! Admittedly, some chauffeur companies accept payment in advance but, when your customers are multinational enterprises, payment on account is still the norm.
Rapid growth can be a double edged sword! Despite profit being in existence, it can take time for it to arrive. In the process, you can become a victim of your own success. Thankfully, a slow month like August has fewer driver payments going out and it is healthy for our bank balance. It is nice to have some breathing space and, the bonus of financial security is a real relief too.