For the fourth episode of season 2 of ‘In the Spotlight’, we sat down with Simon Morris, Managing Director of COAL Media. He is also the first customer we helped secure finance from a CBIL provider. Check out the interview below.
Lendoe: So Simon, Tell us a bit about yourself..
Simon: I am the Managing Director of an Advertising Agency called COAL, we have offices in London and Birmingham. I have worked in the advertising industry since 1999.
Lendoe: So you mentioned you have over 20 years’ experience in the advertising industry, tell us a bit about how you started COAL?
Simon: I founded the business of the back of having worked in a number of agencies and having previously run another agency for over 10 years.
Lendoe: What key challenges have you faced building your business?
Simon: As we take on more work, the financial demands to deliver that work means we have to ensure we have the right Cash Flow and Investment to support the growth.
Lendoe: So, considering the recent COVID19 pandemic, tell us how this has affected your business and how you plan on overcoming this period of uncertainty.
Simon: We have seen a mixed bag of fortunes. Some projects and pitches have been put on hold whilst others have progressed. By focusing on ensuring we can successfully deliver the projects we have commitments to deliver we hope we will be able to weather the storm.
Lendoe: Can you give us 3 tips for entrepreneurs on how to overcome the unprecedented challenges posed by the COVID-19 pandemic?
Simon: 1. Know what support is available to you as an organisation
2. Work out how much cash flow you need to survive for three months
3. Look at ways you can offer services or products that don’t require face to face contact
Lendoe: Can you give us key tips for entrepreneurs who plan on going down the same path as you?
Simon: 1. Know what it is you want to achieve with your business idea and realistically how much investment you will need to deliver this.
2. Have a cash flow forecast that gives you a clear idea of when you expect to receive income to the business and what expected costs you have. This will form the basis of everything you undertake.
Lendoe: Thanks Simon, pleasure speaking to you.
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