THINKING BUSINESS
a blog by Chris Barrow

Emergency personal budgeting for your team members - a free download



There are 3 FAQs out there right now in dentistry:


  1. What level of dentistry should we provide?

  2. What am I going to do about payroll?

  3. What am I going to do as a self-employed associate/therapist/hygienist?


As to Question 1 - within the last 90 minutes, the BDA have given the clearest guidance yet and their 10:35 update is HERE as well as posted on my Facebook channels.


As to Question 2 - we await the detail and that's where the devil might be waiting - which is why I'm counselling that we all wait and see that detail before making grand announcements and decisions about pay and permanency. The contradiction with Question 1 is obvious - "what the hell are we supposed to do tomorrow morning?"


It strikes me that you will have to follow the BDA guidelines IMMEDIATELY and accept that some of your team will be on full pay until we all know what's going - perhaps by COP tomorrow.


As to Question 3 - it depends on whether you are an NHS provider, a plan provider or an FPI provider. I'm sorry to say this but I've heard from 2 hygienists in the last 24 hours that they are queueing outside supermarkets, not for food but to get a job stacking shelves.


Ultimately, it will depend on the largesse of the Government, the NHS and your "boss" at the practice(s) where you work (although one assumes that salaried therapists/hygienists will be covered under the furlough arrangements - lucky people if that's the case).


As an aside, I wonder how many self-employed contractors of all professions will be seeking the safety of employment after this passes? That, of course, will increase Employer costs.


I'm trying to think of ways to help every day.


Today, Sunday, those who know me know that, when I'm in the UK, I'm always in The Bunker, reconciling my personal finances for the previous week and planning for the month ahead.


Normally, that's done and dusted before breakfast but today I'm just about to start - no guesses as to why.


My free download today is an Excel Spreadsheet to help your team members plan their emergency response to the financial challenges we all face.


It is inspired by one of my clients, who sent a version to all of his team members last week and offered to personally help anyone with their cash flow planning by hand-holding them through completion of the spreadsheet. Great leadership and a suggestion I would make to all Employers reading this.


There is uncertainty as to future income at this time - but we all have a responsibility to plan whatever belt-tightening is possible straight away.


Here is the link to download the spreadsheet;


https://8aaf9bc8-1669-4b0c-83ca-eae17437c8d3.filesusr.com/ugd/bdc287_099e738665e94f29b9f379628e0a956f.xlsx?dn=Extreme%20Personal%20Expenses%20Planner%20.xlsx


Perhaps an email or letter to your team members could read:


"During these difficult times I am constantly staying alert to our collective responsibilities as a healthcare provider and, as your Employer, to my responsibilities for your safety and financial well being,


On Friday, the Government issued promises to provide financial support to all those affected by Covid-19 but we are still waiting for the detail of those proposals to be made clear, hopefully early in the week ahead.


In the meantime, we all have to be mindful that the months ahead will be challenging and so I'm sending you a simple spreadsheet that I'm using myself and that may be helpful for you and your family.


Your personal finances are confidential but if any team member would like advice or help in personal budgeting, I'm here to help - just ask."


Hope that helps - I'm off to tighten my belt.


Please share this with anyone for whom i would be helpful.











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