My Bank Account Is Empty | But Cars Are Selling Fast!
ฝัง
- เผยแพร่เมื่อ 10 เม.ย. 2024
- In today's video I thought I'd share my current struggles with cashflow. Lots of cars have sold, but at least 75% still need to be paid for. It's a universal problem in any business so thought I show you how the accounts look for me some days.
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Timestamps:
0:00: 💰 Challenges of managing cash flow in a high-turnover business despite successful sales.
2:20: 💸 Financial challenges due to delayed payments impacting business operations.
4:38: 💸 Financial transactions progressing smoothly with Range Rover Sport, Alfa Romeo 595, and Audi A5.
6:31: 💸 Financial update: low account balances, high expenses, and reliance on loans.
8:47: 💰 Financial decisions and luxury purchases discussed, including a high-end watch giveaway.
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Years ago I ran a workshop on a smaller scale than this (4 mechanics). Everyone told me I was making a fortune but I wasn’t I was making the landlord one. I’d hate to be in a business with such uncertainty and high overheads. There’s always someone turning up with a bill. No thanks.
This is exactly why I love this channel! No fake flexing! No "look how rich I am" "look I'm the best business man on the planet" Respect!
Never, that's not me!
Brutally honest video jo,not all roses running your own business,sell off some of your cars at the farm, money sitting around doing nothing.
Cash flow is what kills most businesses.
I ran a couple of public houses, sold them last year, turning over about 700k before COVID, but liquid cash was always my biggest concern. Chasing cash for day to day expenses, then the vat man turns up, jor the music licence, or wsome new compulsory bullshit council self tax, just as you're having a bad month. And you end up borrowing from your personal savings to tied the business over.
All the staff are paid, the customers think you're minted, and some moths it's costing you to run the business, and the wife's oissed off cos you can't afford, both in money and time to take a few days off for a break.
That's about the reality of running a business. Working 60 70 hours a week, and still not switching off from work when you get home, even in bed. Then on your day off, you end up running errands for the business.
You convinced yourself running errands is a fine use of your day off.
Very true! I love it when people say 'I'd love to work for myself and set my own hours so I can work less' 🤣🤣🤣🤣🤣🤣🤣
@@ShiftingMetal lol, you never clock off.
Your business is only as big as the effort you put into it
Anybody starting a business today would be insane, I had one for 30 years and it’s time to get out, because I will taxed in my coffin.
TO EDITOR - I loved how you highlighted the writing on the board that was a touch of class well done
Toby 🏆
That had my mind warped, probably easy in editor
To me that's scary. But you have to specilate to accumilate .at least you are 100% truthful with everyone watching.
Fantastic insight there Joe .
Could have called this episode Shifting Cash
Good one 😅
Great video, love the honesty of this channel, keep it up... sounds very stressful but rewarding. Great job mate
Thanks 👍
love the tranparency, hand in there Joe its tough for all of us mate. Things can only get better.....
Fella - right with you. 25 yrs ago - different trade/industry but by the time we called in debts, slow players, bankrupt one day alive again a week later. Got sick of people telling me how 'I must be rolling in it' 25 yrs after it all fell apart and I tried numerous jobs, now Motor Claims Handler for an insurance company. Pays a F*ck sight less but its an income.
Owned two pubs, and the customers thought I was loaded, if you worked out my wage per hour worked I was getting under minimum wage some months.
@@StephenButlerOne im sure you were glad you sold up before covid ... the pandemic wiped out my business
@@willboa5365 I wish, it was 2 years after COVID I sold up. Post COVID turnover was down a 3rd .
Sorry to hear about your business. It's was a hard time for business owners. Hard for everyone, but in the UK at least, if you owned a limited company, there was no grants or nothing for you. The business was entitled to iirc 15k. Which didn't go far to keep a business shuttered for the best part of 2 years. The pubs had the longest shutdowns of any sector in the UK.
Really honest and transparent video, it makes sense when you hear customers try to haggle car sellers down and are reluctant to do so as cash flow is tight
The most honest channel on youtube hands-down, keep up the good work and great content!
Turnover is vanity. Profit is sanity. Cashflow is reality.
Really top class video! Been watch you for a good while and appreciate the honesty and wins/losses you take and the fact you do show them in the videos.
Have a good weekend 👍
I appreciate that!
I feel your pain that’s exactly how we roll in our dealership. Some days are a bit twitchy but others are great! Good video buddy
Balls of steel you have Joe. Really enjoyed that..the inner workings of Berrow Motors. Love the variety in your content, my fave channel on TH-cam.
Thanks mate!
So great to be a subscriber, I’m over joyed. Funny enough I was going to buy a watch last week.
Great video from an honest guy. good luck.
Thanks for the transparency and insight.
Brilliant video, I’m a self employed electrician with one employee and I can relate to this, your not alone and now you’ve shown me I’m not either!
Great video, and love the honesty.
Fair play joe, that was a good insight into the financial side of the business 👌 honest as ever
Thanks Dean!
Very honest video :) not many people make videos like this. Excellent stuff as usual and somehow makes me wanna get into car sales more lol
Go for it!
Great honest video, that’s what is keeping me back from building without a stocking plan and wages etc.
Love the honesty. I've been self employed for over 30 years and that has been tough at times but at least I don't need stock. Keep the honesty coming.
Really interesting,I’m a builder and seem to have exactly the same cash flow challenges,feast to famine describes my business perfectly
I have had many many jobs and now retired from the Fire Service. I accidently fell into window cleaning because the old cleaner fell off his ladder. This has been the best job/business I have ever done. No employees so I win the employee of the month every month now, no one to let me down. Unhappy customers or deadbeats, I ask them to find someone else especially if they fail to pay. Having a pension each month makes life a hell of a lot easier and removes all money worries. 😉😉
I'm not sure a video has ever rang truer than this one! 😂🙌
😂
A brutally HONEST video of our trade, well done buddy
Woohooo! We're going to see some auction action then,to replenish stock.swings and roundabouts aye.
Don’t worry Joe you are young and can handle the stress of it all !
Honest joe explaining how difficult cash flow is in a business 👍
Good video Joe👍🏻
I always think about making the jump to being self employed.... Then I watch videos like this and think naaah.... 😂.
Thanks for uploading Joe, great content BTW 👍
You're welcome 😊
Thats really interesting about your cash flow, I own an Estate Agents on the south coast and money /cash flow is a challenge. i can agree a sale today ,but can take upto 12 weeks to go through , i have to think three months ahead all of the time so not have a dry spell.
its been a squeaky bum for a long time.
Why don’t you shift all the dead stock at the farm. That is a queue of dead stock costing you money each month.
We are
Mind blowing never realised
Brilliant video came across it today
That gave me the stress! I charge a fee for selling property. No stock to buy, no marketing costs as I have a strong facebook following and all my agents are self employed so no paye or NI to pay. Accountancy fees and diesel for my paid for car and the rest is profit! Great video
'Cash Flow is King'.... that's the first thing I remember being taught when starting up my business. Never a truer word said, it hurts and kills loads of businesses.
I was there 10 years ago, glad got out and went into property it was my best move.
You should get yourself one of those old Wu-Tang Clan 'C.R.E.A.M.' (Cash Rules Everything Around Me) t-shirts/hoodies when battling with cash flow issues to keep yourself on track.disciplined!
@2:20 Loadsa monehaay Harry Enfield reference 👏🏻👏🏻👏🏻👏🏻
🤣
Keeping it real Jo 👍
Good video, you have to really have nerves of steel in your business.
I feel your pain, Joe. Still...being a Master Juggler beats being a Master Baiter...
Drawing down sounds so much better than borrowing.😀
It is nice wording isn’t it 😂
Sounds like it’s all ok Joe as long as you’re (really) profitable YE. I ran on the overdraft half the year. Pay PAYE to HMRC, it’s employee money and that’s the worst pit to get into. Well done in this current business environment.
Employee & employer PAYE probably.
PAYE is the tax on the wages I have already paid to my staff. We're far from getting into a pit, it was just a temporary cashflow pinch 👍
I'd love a new watch...................esp a real posh one!
Myself and my wife run a cleaning business with pretty much the same turnover you have, a lot of our commercial customers don't pay for 60-90 days....but all our staff can't wait for their wages on payday so me and my wife have Bean's on toast for tea a lot of the time 😂
Brilliant honesty that’s why people follow you
Thanks
Captain Mainwaring’s office sesh..
Already subscribed, dude.
You will be good Joe
100%, this is the game and I love it!
It does feel like since post Pandemic .. its like a different era and times and blimey they are hard times and some people do seem to be struggling and its hard to juggle a normal life and a business ... I had a good business but got hit for a six due to covid !
Holy fuck! That watch! Count me in.
I'm in the same business as you mate and I know exactly what it's like with the cashflow juggle. One second you have it all the next second it's gone and you're looking for someone to come give their wealth away for a car 😂
Ooooh Motor Novo finance! :-)
So when the money eventually rolls in, do you immediately pay back the accounts/cards you have had to borrow from to keep afloat? I don't know how you keep track of it all!
Yeah pretty much, it doesn’t usually happen like this to be fair, just every now and then when you’ve got a queue of cars waiting to go out
Keeping it real,,👍👍👍
Are you seeing the benefits of stopping offering car service or is this change reducing cash flow.
Have you managed to shift some of the death row cars that needed work to be saleable?
Yes, my stress has gone down for a start! I think it will highlight cash flow pinches like this but we’re starting to see the benefits of having more cars for sale. Yes, we’re getting though some of them now 👍
@@ShiftingMetal That's good👍
I’ll stick to decorating 😂
I respect the transparency and honesty In this video
This guy's prone, I like him.
Mate great video I did bother to send you a message as you asked for selling a car but never heard a word back
Get a overdraft facility 👍
Solid
i use to run a truck tye company,one of our big customers with a massive fleet had the nickname "all flash,no cash"..i started to get itchy feet with them and pulled out of doing business with them,got all the money they owed us,6 months later they had folded.i reckon if i had not pUlled out when i did they would of tooK us for around £200,000
I work as a handyman. Customers think I'm earning a fortune when I would have a better hourly rate working in Aldi.
I get comments like 'everything is more expensive now' indicating I should charge less. Often my rate can drop below £10/hr especially when things don't go to plan when I uncover a hornets and have to fix it for free. Then there are customers who just won't pay.
I've been self employed for 29 years (various jobs) but it doesn't get any easier.
What happened to the 911 that you had to buy back, will you lose money?
Still have it, still fighting the deposit refund battle but will make an announcement on that all soon!
Great vid. I would use excel to generate a random person from your subscriber list. Easy peasy.
Getting the full list is the issue
@@ShiftingMetal does YT not give you your full list of subscribers?
we had a buisness, lot of our customers paid on 90 days, we had a 10k overdraft,
"dont come and rob berrow motors" 🤣🤣🤣
until about 4 weeks ago i was a co owner in a nightclub the first 2 years we had it was amazing until this last year .. we needed 13k a month to break even last 3 months took just around 6k . i did not have any income from it in around 6 months now ive got another job managing a venue for a mate of mine .. least im getting a wage now . i had to get out had no choice over a 1/3 of the nightclubs here in uk have closed since covid
Yeah i can imagine clubs have been hit hard!
Yeah but car dealers take your money and run off into the sunset on a 4 week cruise 😫😫😫
This video is like a big middle finger to those people, fair play for making it 👏🏼👏🏼
I would hire out Toby for film work, Chops could do with him !
We have £300.....did go up £440 today....
Do you not have a corp tax pot and a vat pot? I run a ltd and if things get close, I dip into corp tax as I have 9 months to pay it.
No, not at the moment anyway. To be honest, it doesn't normally get like this and the account was much healthier by the end of the day!
Ditto 😂
Pete
Turnbridge Autos
😂👍
We can all access the company house website
Cool
This could be the the big breaking story of the century.
It is possible
Cashflow is the single most persistent anxiety inducer in my life.
Great video joe
Juggling money around , would spin my head 😂… fair play
Has that Volvo sold
Still here at the moment but hopefully not for long 👌
How do you make a small fortune in the car sales business? Start with a very big one!
I’m a cab driver and bought a ford Kuga. It’s made me poor. Everyone’s got paid, but I was skint. I traded it in a few weeks ago for a Skoda and I’m back in the black now. I’ve been self employed 28 years. Business is hard sometimes
I’m surprised you don’t drink more! 🇨🇦🇨🇦
😂
Try doing it like I’ve done it, I’ve got 38 cars no credit cards no loans no backing no stocking loan 😝😝😝 trust me you will be pulling your eyes out you get a bill and nothing sells
That’s how I was for years but profits are most certainly up since sticking plans. Cash flow is always an issue regardless if borrowing
I F**king love this, your videos always make me smile, being in the motor trade for 33 years and working for myself for the last 18 years doing paint work some traders like yourself, not many tho i binned most of them off cos they don't wanna pay much 🤣 i can really relate to you and your channel, Ive just recently got a capital on tap and its been well handy for juggling and the points rewards are a nice extra
its the business you choose to be in....
Yeah, and I love it!
@@ShiftingMetal i guessed you did
Lol , if you want to sell your car , go see Chops 😂😂
Yes, he has loads of money! 😂
@@ShiftingMetal sorry a correction, loads of "your" money
😂
👌👌
Great video and like ur honestly 👍🏿
No matter how profitable your business is cash is king
You can go bankrupt making loads of money..!
Respect 👍
You forgot your £1k overdraft, surely grab an old focus with that.
😂
If it wasn't worth it to you Joe you wouldn't do it; remember risk and reward. I doubt you'd show us your account when it is in credit by £100k
It's definitely worth it and I love it. I'd happily show that, if it happened but I tend to put the money to work long before it gets there!
Now do a video of one of your best months, including your plumbing business and any property interests you have. 😁
Actually don’t, the comments would give me a migraine!
🤣
Hey Big spender
👍🏼👍🏼👍🏼
Yes, you might be skint, but we are always skint. You might have millions in your business but your business is just an asset when you get older and it's time to retire that's when you will reap the rewards and sell the business on
Turnover means nothing without profit.
Very true, are you making assumptions that I don't make profit?