Alexis is the founder of an organic cotton clothing store that has been doing business for 6 months. The business has been doing well and Alexis decides to re-invest the profits into manufacturing a new range of organic baby sleepsuits.
The manufacturer, who is based in Spain, has shipped the order to the UK but it is being held up in customs. Alexis did not budget for this unexpected delay and now risks not being able to pay her website hosting fees and her warehouse staff salaries on time.
- If you were Alexis, what finance options would you consider?
- How would an unexpected delay, or unplanned outgoings, affect your business?
- How can you better plan for unexpected circumstances?
It is rare that there is just one way to respond to a scenario or situation, so do not consider that the responses you have to the above scenario will be judged as right or wrong. Share your scenario with a work colleague or friend and ask them to tell you whether they think you have responded appropriately. Ask them to challenge your response if necessary. You do not need to submit this task for assessment unless asked to do so by your assessor.
