Ask The Mentors

Do you have a question about

Finances?

Marketing?

Sales?

Recruitment?

Product?

Investment?

Exit Strategy?

How do I make the transition from doing everything-working in the business and on the business?

We have a great little business with the figures improving all the time but it is not big enough to be employing people (which I would dearly love to do). I am working 15 - 17 hours a day and as you can guess I end the week very tired. Money is very tight and I am not able to get a loan until the banks have tax figures for this financial year as we have only just been open one year so everything in the business is run by the takings as we have exhausted all our savings getting to this point. I do have big plans for the business but am not able to take the next step as yet which will give the cash flow to employ and make the changes to grow the business.

2 Answers

Yes, you're quite right - one year's financials are necessary. Have you looked at Prospa? They're a small business lender that will look at your business differently to a bank - usually their credit assessment process results in faster easier loans for small businesses such as yours. Give them a go, but if you come up short remember, you've only been in business for a year - sounds like everything is going in the right direction, you just need to persevere a little while longer. Don't get despondent, you'll be reaping rewards soon!

Have you thought of hurrying services to reduce the work load. Most people start with a book keeper for a few hours a week to reduce the load, that way you aren’t going into debt to hire someone and also you don’t have to deal with any unfair dismissal stuff if they aren’t working out for the business.

Sign In to answer