I run a business projecting £250000 turnover this year. Are we below or over the average in the uk?
I started a business from my bedroom just over 2 years ago. I have now 2 employees and rent a building as my business office. We project to post £250000 turnover this year and 1 million within 3 years. What's the average turnover in the UK? Are we below or over the average? For this kind of turnover, what shall we expect from our bank in terms of overdraft and loans. We have multiplied our turnover by 5 times in the last 4 months and we need now to make a substancial investment. Our bank manager won't even give me a business overdraft and this means my business credit scoring is being affected as expenditure has increased exponencially and I have gone overdraft a few times. The worst thing is that there have been 2 cheques returned because there were no funds when they came through. An overdraft would eliminate this issue and also give us flexibility. Am I asking for too much? How should I approach this situation?
Public Comments
- LMAO..I dont get out of bed for less than 50 k a day...Ure so passe my friend...
- There will be a flaw in your business plan that the bank manager sees - if he believed that the business was a secure venture that was going to meet what it said it projected, he would invest. Go over your business plan, look at the figures again, try to find out why it is, your bank manager doesn't believe its a good idea to invest in you. I can see why hes concerned to be honest. Your projecting profits that seem good, but then having things happen which say something very different. p.s. If you want average turnovers, businesses in the top of your particular field, region, - first of all what is your business? And no dis respect intended, but that is something that I would have thought a serious business would have done in the early stages, sizing up competition, researching your competitiors and their turnovers. To see the standard in your particular field, and improving it.
- some individuals earn that amount
