mrpotatohead wrote:which milk do you have on your cereal marksman
the milk of human kindness
The Marksman wrote:Well, not really. They're not obliged to lend them more money. If they were making money in the first place they wouldn't need to go to the bank for more. Bad businesses [should] die, get over it...
mrpotatohead wrote:which milk do you have on your cereal marksman
the milk of human kindness
Christies Child wrote:The Marksman wrote:Well, not really. They're not obliged to lend them more money. If they were making money in the first place they wouldn't need to go to the bank for more. Bad businesses [should] die, get over it...
Agree, they are not obliged to give any company or individual money BUT in cases whereby a company has a full order book but needs a loan to get over an immeadiate cash flow problem then the Banks surely should be more flexible.
After all it could mean the company having to downsize to survive.
Christies Child wrote:Often used by Shrimp supporters to get them to away games, Stainton Coaches of Kendal have ceased to trade as a result of being refused additional funding by their bank (personally that is a familiar tale )
Their fleet of coaches are being put up for sale whilst a total of 35 staff are now seeking alternative employment which from experience will be very difficult in the local economic conditions.
Once again it's a case of a Bank forcing the closure of a well established company.
Disgraceful!
Pobble wrote:Very unfortunate when a company goes out of business but quite irresponsible to cast blame until all the facts are known.
Gnasher wrote:Nothing to pay the bills so maybe it hasn't been the profitable company the earlier profit comment implies?
Christies Child wrote:http://www.thewestmorlandgazette.co.uk/news/8438874.35_jobs_lost_as_Kendal_coach_firm_ceases_trading/
Ntini wrote:Gnasher wrote:Nothing to pay the bills so maybe it hasn't been the profitable company the earlier profit comment implies?
Profit and cash are two very, very different things. Unfortunately, people seem to forget that.
Ntini wrote:Gnasher wrote:Nothing to pay the bills so maybe it hasn't been the profitable company the earlier profit comment implies?
Profit and cash are two very, very different things. Unfortunately, people seem to forget that.
Posh wrote:Ntini wrote:Gnasher wrote:Nothing to pay the bills so maybe it hasn't been the profitable company the earlier profit comment implies?
Profit and cash are two very, very different things. Unfortunately, people seem to forget that.
Well said that man. Cash is King.
If everyone paid me on time I'd be laughing. I employ a Finance Manager and a Credit Controller just to manage customer accounts. We give 30 days credit, which means we're always owed one full month's revenue at any one time. Then with late payers, average is 46 days, then you can usually double that amount outstanding. Add to that big companies constantly extending credit http://www.fpb.org/page/531/Late_paymen ... Shame_.htm and small companies, even the more profitable ones, walk a tightrope every day.
Ntini wrote:'tis true, 'tis true. And looks only to get worse, as late payment increases as 30 days double to 60. As a business counsellor, my big emphasis to all those who see me is that they fully understand their cash flow statements/forecasts. If only more people took that line, and those with businesses followed the advice, maybe this wouldn't be as big an issue... just maybe!
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