[Jonny jones]

hi people

just a little rant, why do i bother going to see the bank,  just won a contract for over £45,000 of office cleaning, went to bank the the other day with my letter of intent to use us. got all my figures and everything they wanted to see to prove i'd won the contract.

then she asks me for a business plan,  and can you get it ready by thurs, (2morow). oh yes im sure i can make one for then,  NOT
ive been sitting in front of this pc for the past few days trying to put things down but nothing so far.
i only want the cash for just in case,  cos i want to make sure i got the wages to cover a two month period.
any way i'll try and get it done by tomorow,  but i dont think i can, 

any way thanx for listening

jonny

[Pristine Clean]

have you tried an factors company, they lend you 80% of a monthly invoice - fees

Invoice financing try to search on Google.


cheers

Dapper

[myvanwi]

hi people

just a little rant, why do i bother going to see the bank,  just won a contract for over £45,000 of office cleaning, went to bank the the other day with my letter of intent to use us. got all my figures and everything they wanted to see to prove i'd won the contract.

then she asks me for a business plan,  and can you get it ready by thurs, (2morow). oh yes im sure i can make one for then,  NOT
ive been sitting in front of this pc for the past few days trying to put things down but nothing so far.
i only want the cash for just in case,  cos i want to make sure i got the wages to cover a two month period.
any way i'll try and get it done by tomorow,  but i dont think i can, 

any way thanx for listening

jonny

Banks make me sick. They are no help at all to small businesses. It makes you want to scream - why do they always want more and more business plans - if you could deal with the bank manager who stayed in the same job and knew you and your business like used to happen it would be so much easier. We have found that there is no support for expansion or short term cashflow problems no matter how many contracts you have. We have had to grow our business at a grindingly slow rate due to banks and we have never been overdrawn or had any bank charges. What is the point!!

[DREAM CLEAN]

Try another approach,


Start the contract, run the account, you might not need extra cash, put all your suppliers on 60 day push your customers to pay early , get all outstanding money in and then if you really need it ask for an overdraft they should give you one up to 4k no problems and if you need more you will have to put your name against it, no need for plans.

It worked for me on my £70k contrtact now been running for 8 months


Nick

[myvanwi]

Try another approach,


Start the contract, run the account, you might not need extra cash, put all your suppliers on 60 day push your customers to pay early , get all outstanding money in and then if you really need it ask for an overdraft they should give you one up to 4k no problems and if you need more you will have to put your name against it, no need for plans.

It worked for me on my £70k contrtact now been running for 8 months

Nick,
Its not the suppliers that are the problem it is paying all the wages until you get paid your first payment. Is relying on your overdraft not very risky?  We save this for emergencies or very short term cashflow problems. Maybe we need to just go ahead next time but our staff rely on us so much for weekly pay every friday.
dee



Nick

[Helen]

hi people

just a little rant, why do i bother going to see the bank,  just won a contract for over £45,000 of office cleaning, went to bank the the other day with my letter of intent to use us. got all my figures and everything they wanted to see to prove i'd won the contract.

then she asks me for a business plan,  and can you get it ready by thurs, (2morow). oh yes im sure i can make one for then,  NOT
ive been sitting in front of this pc for the past few days trying to put things down but nothing so far.
i only want the cash for just in case,  cos i want to make sure i got the wages to cover a two month period.
any way i'll try and get it done by tomorow,  but i dont think i can, 

any way thanx for listening

jonny

We've been lucky I suppose as we have never had a problem in any way with our bank
Just one thing, do you have a business account and do you have a specified business account manager?
We can phone him and discuss and agree things over the phone.
A while ago we may have needed a covering amount as you may need one now and it was no problem, overdraft agreed and terms set over the phone, money available if we needed it from next day. We didn't need to use it and once we  had the relevant cash flow going, we phoned and got rid of that facility.
Why should they need to see proof you have the contract, when you have a letter of intent to use? and a further business plan? Perhaps you did not speak to the correct person in the bank

[Jonny jones]

hi,

i have a business account, and i have a bank manager, nice lady, but i forgot to say earlier they even want 6mnths of my personel account statements,

i called her today and told her that i had to cancel the appointment and told her that business plans are not my thing.  i finished with the council last july, and i know it was a great risk,  i thought chrismas i had pack it in but i stuck to my guns and now since end of feb i havent stopped, and now thatb ive won a contract thats worth all the effort the bloomin people from barclays wants to have a look at the bad accounts that happened 6mnths ago and wont even look at whats my potential incomings in the future,  ive told them that by august this year i will have a turn over of £7,000 a month,
its so fustrating aaahhhhhhhhh


sorry for the rant

thanx jonny