Despite not providing services at the moment, we have kept our gift certificates & our online booking software open. Several clients have asked what are we doing with funds. The funds we receive from these purchases allow us to cover our expenses until we can legally & safely reopen. Normally, I wouldn't disclose this much about our finances but, with the current situation, it seems prudent to reassure clients how we will use the funds from any pre-paid services.
Every sale gets divided between two accounts: Payroll & Operating Expenses. We also have a business savings account that gets contributions monthly based on net profit margin. (See below for a breakdown of expenditures by account.) Setting aside portions like this means payroll shouldn't experience any shortages when we are allowed to reopen. As we grow, this will also cover benefits for our staff.
All of our operating expenses fall into three categories: Recurring, Consumable, & Other. Recurring expenses are predictable & relatively consistent month-to-month. Consumables items get used & re-purchased as needed. These vary in timing but remain fairly consistent in amount. The least self-explanatory is the “Other” category. Most of this spending is one-time purchases or upgrades to either equipment or education.
Prior to Covid19, our cash flow included a combination of pre-paid & cash clients. The loss of the cash clients has negatively impacted our cash flow. As a result, we have reduced all spending to the bare minimum & eliminated our savings contributions temporarily. Our consumable expenses have drastically reduced as have the “Other” expenses. We do anticipate a large expenditure in these areas prior to reopening depending on the requirements set regarding new protocols & industry standards. As things change, we will adapt to the best of our ability. In the event that a client requests a refund for pre-paid services, there may be a gap in processing times until our cash flow resumes its normal trajectory. All refund requests will be honored but we cannot guarantee processing times.
For clients that wish to support us through pre-paid services, please call 508-280-4242 during our temporary office hours (Monday-Friday 9-12) or use the links below to make purchases online.
We look forward to seeing everyone again and are grateful for the continued outpouring of love & support our clients have shown.
Breakdown of Expenditures by Account