Jobs already going

[PoorUnfortunateMoles]

Private dentist I used to work at is already making redundancies after having no income for months and there being no end in sight.
Anyone else feel like this might be worse than the recession for job loss?

Whilst they’ve not been doing treatments they’ve been selling toothpaste on instagram, they have property providing passive income

I imagine having a property to rent out is providing more money than selling toothpaste but that has little to do with how good a dentist they are and their job prospects should they be made redundant!

It’s down to their business sense @Crosswordocelot ... you never have all your eggs in one basket when you’re self employed and the idea is to make yourself redundant.

Going off topic, but business owners who think “oh I’ll just switch online” tend to find it isn’t quite as simple as expected. Knocking up a Wix website and thinking the world is going to know about your amazing product isn’t the reality. I do t think your dentist friend has made that much out of the toothpaste, and knowing the rental market, unless he has a sizeable portfolio - it’s not likely to be making him that much either.

@Grumpylockeddownwoman I think he’ll be just fine. He’s made his millions before 30, invested well and he’ll still be standing at the end of all this no matter what happens. As will most of us

He’s made his millions before 30, invested well and he’ll still be standing at the end of all this no matter what happens. As will most of us

If someones "made millions" then they are potentially in a lot better position to withstand a recession than the average joe.

Oh a bit like Richard Branson? His employees are faring well.

Or Victoria Beckham? Or ... I could go on...

Private personal wealth has precisely fuck all to do with what will happen to your business.

@Grumpylockeddownwoman - depends on what kind of a person you are doesn’t it ?

I used to be a dentist... @ChrissieKeller61 I've never ever come across anyone in the profession using a recruitment consultant. Also, most dentists haven't been selling toothpaste on Instagram and don't have income from property. I'm talking like 95% of dentists.

This is catastrophic for the profession, they're desperate to see patients. Not only for the turnover but because it's the USP of being a dentist, pain relief.

Pls have identified, the profession will look vastly different going forward. Rumours of one patient per hour in order to allow appropriate decontamination etc.

I think Richard Branson, VB and the hideous Phillip Green will still be ok, and still be standing, even if their businesses collapse and their employees are shafted.

To go slight off topic, I worry that women are going to be hit hardest by this, even if their jobs survive due to lack of child care. I think a PP mentioned this. With schools potentially not going back until September, January, whenever it ends up being, I am worried that we will end up back in the 1950s. I really hope not.

Husband’s company has just made a third of the workforce redundant and imposed a 10% pay cut and new T&Cs on the rest. Pretty grim, and a lot of people will work under protest with the new contracts, but they provide services to the hospitality and tourism sector so things are pretty bleak.

Furlough wasn’t enough to keep them afloat, and there is still a very real risk the business will fold in the next few months (so no lovely business for @ChrissieKeller61 when they hire people back). They’re doing an awful lot to try to pivot to the new tourism model but the demand for their work is still going to be a fraction of what it was before for a very long time.

The tourism, hospitality and leisure sector will be unrecognisable by December. That’s an awful lot of businesses and jobs.

@Mrsmorton it’s entirely possible the world has moved on since you were a dentist. The land scale is very different now.

*Landscape

Oh ffs @chrissie what on Earth are you trying to say. I have dentists as clients (In the UK, and in Ireland) - it’s tough for them and they were hit early and hard. You’re “I know a dentist who has a property to let out and sells toothpaste on Insta” is a bit embarrassing tbh.

Both small businesses and big corporates in certain sectors are affected enough to make redundancies. Personal wealth has sod all to do with the OP’s question - larger companies have shareholders and a board to answer to - small business owners (who are ltd) are not going to gamble their house to pay for staff in the event that it it might not work out.

Plenty of small business owners will fight to keep their businesses and staff afloat, plenty won’t. Many employees are about to find out what kind of person they work for. If they didn’t know already. The fact that you can’t get your head around the fact that passive income often brings in more revenue than the main gig is surprising but it’s what separates the survivors I guess. The dentist is just one example. I know restaurant owners who’ve not let a single person go and won’t until they’ve sold every asset they have because they value their staff.

Hahaha no - I totally get how passive income works - it’s just that personal wealth has sod all to do with business. Also with all the changes to PRS - having a property is not the moneymaker that people think it is - taxes, increased stamp duty, tenant fee ban (and lower deposits), reductions to relief etc are hammering that market.

There’s a reason why small business owners are limited - it limits personal liability - e.g you don’t lose your personal assets should the shit hit the fan.

While what you’re saying comes across as incredibly noble - it’s really not how the real world works - ploughing all of your personal assets into a business that is failing (for whatever reason) isn’t usually the answer - you would (if the model is good) look for further investment.

The fact is businesses with liquidity and assets are going to be fine. In my opinion if you don’t have either of those things you’ve no business running a business, but equally I know plenty of companies who’ve been paying their staff on their credit cards for months. They are fucked. And good riddance to them.

Plenty are not.

Hmm - and what assets is a recruitment agency sitting on? How easily are they converted?
Service based businesses often are not asset rich, it’s all about cash flow - and this situation will seriously affect that.

I think some will cut overheads in terms of office space but again that will depend on their situation. Multi branch operations may choose to liquidate assets - but that will involve redundancies obviously as they close shops etc.

BA and JCB still announced 12000 &950 jobs redundancy after furlough scheme has been extended to October.

It seems a long term recession already started. When touring, hospitality and travel business being affected badly, Some other manufacturing business underneath used to supply parts& service to above service industrial has also being badly hit. People running these business just lost confidence within next foreseeable 6 to 12 months. Business won't go back exactly to pre-lockdown, everything needs time to recover.

I am afraid even Government encouraged everyone should go back to work if they can, business should be reopen as soon as possible, but the capacity of business will drop to 50% or even less then normal situation. They have to make some job cuts to survive eventually.

Hence you’d need liquidity, hence I wouldn’t employ someone until I had it. It’s one thing for me to be hit, quite another for an employee

I know plenty of companies who’ve been paying their staff on their credit cards for months. They are fucked. And good riddance to them.

Which brings us back to the subject of the thread. Jobs are going.

@ChrissieKeller61 what planet are you on? Say your business usually takes £10k a week- you are unable to trade, and when you can, it’s likely that you will be taking £5k on a good week. Your rent remains the same, the price of stock has gone up, etc etc,

Do you think anyone has planned for that?

Also - you have a staff of 10 - there will be no real work for 5 of them to do, but hey let’s just plough personal funds in til the whole thing goes tits up?

Also I don’t think you quite know what liquidity means.

I don't think Chrissie knows much about anything, and probably doesn't care that they don't. Because the more they say the more it is obvious that they are simply trolling. Next thing you know, they'll pop up on a thread about Covid dearth rates saying it's a good thing for funeral directors. I can't see how anyone who is really in recruitment gloating about international recession and massively rising unemployment unless they are terminally stupid.