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Is it time to gamble?
Page 66
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After a very financially tight end to last month things have picked up very well. All the customers paid up and the trucks only stood idle for two days during the month.
I've spoken with my bank manager and will soon be having a meeting to review progress. He's happy with the account but I feel a meeting can only help to develop our relationship.
The two drivers I have employed have been excellent with very few problems:I am now in the process of drawing up employment contracts hoping this will make them feel more secure and make things more official for both sides. I'm still trying to find more work for the vehicles for the new year and I'm talking with more local hauliers with promising results.The contractor I'm currently working for has hinted that he might be able to use more vehicles after Christmas, which is good news.
No joy
On the other hand I've quoted rates to a number of companies without any joy — I feel at times that smaller companies get used simply to provide a benchmark price. I'm still talking with the Midlands company for the distribution of pallets in the new year and am hopeful of the outcome as they have a lot of work for 3.5-tonne vehicles so I'm busy obtaining quotes (the salesman from Isuzu has been very helpful).
It's a difficult decision:do I take the gamble and buy the truck and hope the contract comes in, or do I wait and risk missing out on the work while I wait to get the truck? I'm thinking of taking the gamble and getting the truck. If nothing else it will give me another option, as currently I turn down a lot of odd pallet work that isn't cost effective with a 7.5-tonner.
I've just had my first encounter with Customs & Excise (they phone all newly registered companies to check if everything is OK and if they can offer any help).The guy I spoke. to was very helpful. He's sending more information and has invited me to a seminar for new companies. I'm hoping my successful introduction to the VAT man bodes well for the future.
I'm also about to finally have a meeting with an accountant. We've spoken a lot but have never managed to set up a meeting, so next week we will get together. I'm pretty sure I'm doing all the paperwork required, but it's worth checking with the professionals before things go on too long or get out of hand.
More decisions
Running the outbased vehicles for UCI is still going very well; it gives me time to think about my own business more and also provides a steady income, although I may need to review things in the new year if my own business continues on the up, perhaps employing another driver instead of driving myself.
This would be an additional cost, of course, and I wonder if! would be lucky enough to get a third excellent employee.
Decisions. decisions... •