BradNaylor
Established Member
- Joined
- 17 Oct 2007
- Messages
- 2,311
- Reaction score
- 2
I share everyone's sorrow at the demise of Dragon Saws; particularly for the personal difficulties now being undergone by Ian and his staff. I have been through the insolvency process in the past and know just what a stressful experience it can be.
It's not nearly as stressful as trying to keep a failing business afloat, however!
Ian; you are over the worst - good luck with whatever it is you choose to do now. If you do go back into business I would give you the following advice from my own experience:
Take this opportunity to scale back your business operations solely to those areas that are consistantly profitable. In your case this very much sounds like the supply of specialist bandsaw blades via mail-order and on-line sites throughout the UK. Cut everything else out!
Keep your overheads tiny. If possible work out of your garage at home to keep costs down practically to zero.
Do not become dependent on bank finance. If you take payment for your goods before despatch there is no reason why your business can't be self-funding.
Do not extend credit to anyone. Not only is there the risk of bad debt but it is also a drain on your cash flow and negates any effect of the point made above.
Best of luck.
I've also sent you a PM
Cheers
Duncan
It's not nearly as stressful as trying to keep a failing business afloat, however!
Ian; you are over the worst - good luck with whatever it is you choose to do now. If you do go back into business I would give you the following advice from my own experience:
Take this opportunity to scale back your business operations solely to those areas that are consistantly profitable. In your case this very much sounds like the supply of specialist bandsaw blades via mail-order and on-line sites throughout the UK. Cut everything else out!
Keep your overheads tiny. If possible work out of your garage at home to keep costs down practically to zero.
Do not become dependent on bank finance. If you take payment for your goods before despatch there is no reason why your business can't be self-funding.
Do not extend credit to anyone. Not only is there the risk of bad debt but it is also a drain on your cash flow and negates any effect of the point made above.
Best of luck.
I've also sent you a PM
Cheers
Duncan