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Welcome to Fresh Threads, our weekly roundup of the best comments and advice from the forums.
Here are my top picks from this week.
I took out a short-term business loan at the beginning of this year to help with the growth of my company, however, things didn't go to plan. I am now in a situation where I am needing to pay £2,000 a month and we haven't got the cash in the bank.
I’ve done a cashflow forecast which shows we are making a loss of around £300 a month until the loan is paid off. We will be making a profit of around £1,700 a month after that. But the money pit is now empty and we can dig no deeper, so the loss will kill our business off. What are my options?
Can I stop paying the loan to build up some cash or will this end in a CCJ against my name? If I just pay the loan company X amount a month, will this stop them from taking me to court or defaulting the account?
Gordon - Commercial Finance: Limited company or sole trader? Presume if it is a limited company, there is a personal guarantee on the loan? What is the term of the loan? Does the business have any assets?
UKBIZ1234: Limited company and yes there is a guarantee on the loan. The loan term was 12 months, with around 8 months left. The business has assets but if I sold them we wouldn't be able to continue to operate.
Gordon - Commercial Finance: If the company stops paying the loan, they will pursue the personal guarantee on you, probably to the point of bankruptcy if it comes to it. Perhaps a refinance would be an option though.
Mr D: If the business cannot pay its debts then either negotiate with creditors or get professional advice from an insolvency practitioner.
The concept of investment is about risk against potential return, correct? Assuming that, if the risk is removed and the returns are not potential, but certain… is that not the ultimate business model?
Mr D: It would be a tragedy to dilute such a business model by giving bits of it away for investment.A business model with no risk is as rare as the Loch Ness Yeti.
joewills: Giving it away is part of the removal of the risk. The asset of the business plan produces X and you can guarantee to maintain the status quo for a defined period, and the product the asset produces has a guaranteed market share.
billybob99: If anything, a good business plan will reduce the perception of risk. Apart from that its a bunch of guesses and estimates you're hoping to hit.
obscure: Unless your plan is to sell a ha'porth of tar for caulking ships then it almost certainly isn't watertight.
Jonathan Stuart Marsh
I have started a business to sell a product that has been in the UK for around 15 years and I have spent more than eight years researching it. It’s never been promoted or advertised in the UK, to the point that nobody knows the product exists.
I have the contract to make this product known in the fitness industry (mainly gyms). How do I promote it? It’s a product that is not known but is hopefully about to hit the market in a big way.
estwig: Is it green tennis balls, by any chance?
billybob99: They've been around for yonks - orange tennis balls, however, are under promoted.
Mark T Jones: Turn things around - what need does it meet/problem does it solve? What group of people are most likely to benefit? Define them as tightly as possible. What are their buying motivations? Where do they go?
Chris Ashdown: You have been awarded a contract to do something you don't know how to do. That’s a good start! How much money do you have for marketing this product?
I was charged twice, on two different days, with exceeding 60mph on a single carriageway.
I wrote to court to ask why I'd been charged with two different 21-day response periods in which I should submit a plea (guilty/not guilty). The court interpreted my questions as an admission of guilt or the equivalent.
As a consequence, I was denied an opportunity to enter a not guilty plea or provide supporting evidence for consideration. Does anyone know if it is OK to have two of the same charges active at the same time or should they cancel each other out?
Newchodge: You failed to follow the procedure by entering a not guilty plea by the due date, so the procedure was followed and a guilty verdict was entered.
paulears: Jim Davidson got three on one road (M4) on one journey. He told the court that he was speeding, but there should be just one fine because he never slowed down, therefore, he had only speeded once. It didn't work.
obscure: They didn't make a mistake. It is perfectly possible to commit the same offence on multiple occasions and it is perfectly reasonable to be prosecuted for all of them. And you weren't deprived of the opportunity, you chose not to submit a plea.
David WH: Don't you receive a Notice of Intended Prosecution first to the registered keeper, detailing the location, date & time, speed, vehicle, and providing you the opportunity to inform them who was driving?
That's all for this week – have a great run into the weekend!
Thank You for sharing this stuff!
Much love, thank you, thank you.