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Money, money, money...
Page 68
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After six months of
trading Rob Salter is
beginning to feel the effects of the perennial problem of late payment.
The one thing! didn't really think about when setting up was how long it takes to get paid. Although I have good payment terms with everyone I work for, things are still very tight towards the end of the month.
Doing sums
My initial budget shows on paper that I should have around £10K in the bank.while in reality l am fast approaching my overdraft limit. The bank has been good and can see that things will turn around; if nothing else, it underlines the worth of having a good relationship with the bank manager.
I am now putting more effort into promoting the business. The local subcontractor has told me he can use the trucks up to Christmas Eve, then that's it! So if! don't get moving! will be left with trucks and men stood still in the New Year.
Inevitably, a lot of work is gained by word of mouth as the saying goes, it's not what you know, it's who you know. So recently! dug out my phone book and started ringing round, although "Rob who?" was all too often the response.
I am currently putting together a quote with a company in the Midlands for national distribution. I have made a visit. armed with rates, which went very wel1.1 am doing a little more work on the rates to hopefully gain work up to Christmas and beyond.
They have lots of work for 7.5 and 3.5-tonne trucks, so Jam looking at buying a 3.5-tonne vehicle. But,with the finances a hit tight, this may have to wait for a while. Money issues have meant have had to put more of my personal savings into the business to keep things going until the end of the month. My intention is to pay back the money, but whether this will happen is another question.
I have been trading for six months and although turnover has been very good! still haven't drawn any regular wages. Hopefully this will change soon!
Jam still looking to replace the 75-tonner I have on a short-term rental deal. If I can scrape a decent deposit together this should save me around 1450 per month on payments alone.
The fuel consumption of the Iveco is not as good as the Midturn's so a saving would be made there as well. On the subject of fuel,! can now understand why established hauliers are up in arms over any fuel increases as my fuel bill is £500 per month over my original budget!
Although things have been tough financially. I still feel I made the right decision.The pressures of running your own business are there, but it's nowhere near as stressful as managing 100-plus drivers.., at least not yet anyway! •