Some businesses worry about a slow-down but for DrivenByQ, it is giving us breathing space. August always has reduced demand for business travel. It is holiday season and people take time-off to be with their families. Consequentially, business trips are postponed and delayed. This gives a welcome break to our drivers (and their families) with a chance for some rest and relaxation.
For myself, it has been a great opportunity for days out and some time away. One of the highlights was a visit to the British Motor Museum at Gaydon. A meeting of Jaguar owners for ‘Supercharged’ Saturday was occurring too. As a car lover, it was fantastic to see so many classic cars all in one place – in addition, there is a dedicated Jaguar section of the museum.
As well as recharging the batteries on a personal level, August has been good for our bank balance. Since the start of the year we have been under financial pressure. This is partly because we pay our drivers before receiving payment from our customers. With phenomenal growth, there has been more going out than coming in! The pandemic squeezed our working capital and it has required close management.
For anyone launching a chauffeur business, it is not just the start-up costs alone to consider. Think about paying a team and how big a demand it could be on your finances, especially if there is phenomenal demand. Admittedly, some chauffeurs take payment in advance but when your customers are multinational enterprises, payment on account is still the norm.
High growth can be perplexing. There is profit but it takes time to arrive. In a way, you become a victim of your own success. Gladly, a slower month like August can see a good cashflow recovery. If the demand for travel plateaus, who knows, maybe an equilibrium can even be found. Either way, it is nice to have some breathing space and reflect on the privilege of experiencing such a challenge.