New MFW Journey/Hello

wabbits

OOOPs....I am unable to insert the photos.....off the hard drive....any ideas?

wabbits

Our initial financial overhaul this year ......

• pay off our Northern Rock loans total £11000 (interest at 5.9% and 6.9%) with premium bonds....saving £276 per month.
• Reduce holiday/present/household fund from £500 to £400 per month, saving £100.
• Reduce misc/emergency fund from £200 to £100 per month saving £100.

Total saved £476.

There will still be more to do.....I know it....just need to find it!!!

Trying_to_be_good

A good inspiring read for the New Year - thanks! It's nice to know that smaller family firms are looking after their employees, maybe the big boys will realise this is the way to go?!

Good luck for your challenge.

StuartGMC

Wabbit
For many businesses the staff are indeed the greatest asset, and I wish you all the very best in maintaining cash flow and orders through this difficult 18months ahead. I am sure your efforts on reviewing finances etc will stand you in good stead to cope with the 10% reduction in salary, but it may impact on the OP I guess?

Best wishes

wabbits

Thanks TTBG and Stuart.

Yes the staff are my greatest asset. I feel support is a two way process and as a team....'all in the same boat' (for want of a better phrase)....we will come through it.

The unfortunate thing is that the situation is not all of our making.....the orders/profit are there. We have taken the hit for a couple of companies who have folded/gone into administration leaving us with significant bad debts.

There are still areas for us to scrutinise our personal finances......fortunately we are not in a corner as yet......proactive I think is the word!!!

Thanks

Chris

Lynn11

I hope that you are able to get through this year with the family business intact. At least you are thinking about your workforce, as the larger companies just look at figures etc. Good luck in the coming year.

Kaz2904

I was talking to my Uncle the other day and he was saying that they had had a 3 week lull which for them was great cause they could catch up with other projects but for the buisness was not great. He said that whenever we head into a recesson he gets a quiet period. After the quiet 3 weeks he was booked solid for ages right through to the new year. He still isn't sure whether the three weeks was his lull or whether he has a six month (or more) period coming up. He owns an automatic specialist and is the only specialist in town so gets a lot of buisness. He has learned from previous recessions not to have few large customers because they can take you down with them. The sad thing is that he (well not sad for him) has said that if the recession bites, he will just shut up shop. He's 58 and his partner is 59. My Auntie is 57. They took a collective agreement that they wouldn't borrow any money to get them throught this. If it's going to go so be it.
I know he's taken the right decisison. When the last recession hit they were the day before signing the papers on buying the house net door and knocking through to make it big enough for all of us as they brought up my sister and I and had his Dad living there too. They ended up borrowing money to get through the recession each and every time.

I wonder how many near retirement buisness men will do the same and just retire?
A very worrying time I think. Good luck and well done for taking care of your staff.