My Bank Account Is Empty | But Cars Are Selling Fast!
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Ай бұрынIn 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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Is This The RISKIEST Car I've Ever Bought?! 2.0 Ingenium Engine! • Is This The RISKIEST C...
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@jsanders100 Ай бұрын
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.
@kingsknightuk Ай бұрын
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!
@ShiftingMetal Ай бұрын
Never, that's not me!
@StephenButlerOne Ай бұрын
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.
@ShiftingMetal Ай бұрын
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' 🤣🤣🤣🤣🤣🤣🤣
@StephenButlerOne Ай бұрын
@@ShiftingMetal lol, you never clock off.
@brun_s Ай бұрын
Your business is only as big as the effort you put into it
@safc2951 16 күн бұрын
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.
@theghost7260 Ай бұрын
Could have called this episode Shifting Cash
@5e34nut Ай бұрын
Good one 😅
@alanchurchill7305 Ай бұрын
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.
@DaleSteel Ай бұрын
TO EDITOR - I loved how you highlighted the writing on the board that was a touch of class well done
@ShiftingMetal Ай бұрын
Toby 🏆
@bdeithrick Ай бұрын
That had my mind warped, probably easy in editor
@Lizzard-t Ай бұрын
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 .
@DaDa-David Ай бұрын
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.
@StephenButlerOne Ай бұрын
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.
@willboa5365 28 күн бұрын
@@StephenButlerOne im sure you were glad you sold up before covid ... the pandemic wiped out my business
@StephenButlerOne 28 күн бұрын
@@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.
@user-fx1vu7pl2n Ай бұрын
Turnover is vanity. Profit is sanity. Cashflow is reality.
@lyonheirholdings285 Ай бұрын
love the tranparency, hand in there Joe its tough for all of us mate. Things can only get better.....
@RonWandersOff Ай бұрын
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
@Holdeenio Ай бұрын
Thanks for the transparency and insight.
@steveloader Ай бұрын
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
@98045 Ай бұрын
The most honest channel on youtube hands-down, keep up the good work and great content!
@andrewloizou9803 Ай бұрын
Great video from an honest guy. good luck.
@danj11uk Ай бұрын
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!
@henrykravitz468 Ай бұрын
Great video, and love the honesty.
@davidclabon1138 Ай бұрын
Great video, love the honesty of this channel, keep it up... sounds very stressful but rewarding. Great job mate
@ShiftingMetal Ай бұрын
Thanks 👍
@bdeithrick Ай бұрын
So great to be a subscriber, I’m over joyed. Funny enough I was going to buy a watch last week.
@yunneqfeeds4152 Ай бұрын
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 👍
@ShiftingMetal Ай бұрын
I appreciate that!
@Terence-mk9jh Ай бұрын
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.
@aerial558 Ай бұрын
Honest joe explaining how difficult cash flow is in a business 👍
@Kingdonnerkebab Ай бұрын
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 KZfaq.
@ShiftingMetal Ай бұрын
Thanks mate!
@Drivewise4 Ай бұрын
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
@ShiftingMetal Ай бұрын
Go for it!
@deanlake7962 Ай бұрын
Fair play joe, that was a good insight into the financial side of the business 👌 honest as ever
@ShiftingMetal Ай бұрын
Thanks Dean!
@jacksmart8822 Ай бұрын
Great honest video, that’s what is keeping me back from building without a stocking plan and wages etc.
@julianowens4071 Ай бұрын
Really interesting,I’m a builder and seem to have exactly the same cash flow challenges,feast to famine describes my business perfectly
@simon6007 Ай бұрын
Don’t worry Joe you are young and can handle the stress of it all !
@andrewcairns7719 Ай бұрын
Good video Joe👍🏻
@garymorris801 Ай бұрын
Mind blowing never realised
@tomoreilly9932 Ай бұрын
Woohooo! We're going to see some auction action then,to replenish stock.swings and roundabouts aye.
@thetruth3435 Ай бұрын
Brilliant video came across it today
@markgollan Ай бұрын
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
@andrewloizou9803 Ай бұрын
I was there 10 years ago, glad got out and went into property it was my best move.
@Bomberharris68 Ай бұрын
Keeping it real Jo 👍
@vanlifenomad Ай бұрын
A brutally HONEST video of our trade, well done buddy
@michaelmckeary1165 Ай бұрын
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. 😉😉
@NickJames-vh7dl Ай бұрын
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.
@bowensgarageross-on-wye6133 Ай бұрын
I'm not sure a video has ever rang truer than this one! 😂🙌
@ShiftingMetal Ай бұрын
😂
@GeekOfShaves Ай бұрын
Already subscribed, dude.
@AlanRafferty Ай бұрын
I feel your pain, Joe. Still...being a Master Juggler beats being a Master Baiter...
@martincole34 29 күн бұрын
'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.
@paulmoore6345 Ай бұрын
Good video, you have to really have nerves of steel in your business.
@d.b.cooper1 Ай бұрын
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!
@greyhorse1211 Ай бұрын
Captain Mainwaring’s office sesh..
@flwryvv Ай бұрын
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 👍
@ShiftingMetal Ай бұрын
You're welcome 😊
@maxthelab8457 Ай бұрын
I'd love a new watch...................esp a real posh one!
@Sam_Stanton Ай бұрын
@2:20 Loadsa monehaay Harry Enfield reference 👏🏻👏🏻👏🏻👏🏻
@ShiftingMetal Ай бұрын
🤣
@davidworsley7969 Ай бұрын
Drawing down sounds so much better than borrowing.😀
@ShiftingMetal Ай бұрын
It is nice wording isn’t it 😂
@nigelbrett5703 Ай бұрын
Why don’t you shift all the dead stock at the farm. That is a queue of dead stock costing you money each month.
@ShiftingMetal Ай бұрын
We are
@TheRFJAN 9 күн бұрын
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 😂
@stephendavies6080 Ай бұрын
Keeping it real,,👍👍👍
@johanndork5364 Ай бұрын
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.
@Lookup2Wakeup Ай бұрын
Employee & employer PAYE probably.
@ShiftingMetal Ай бұрын
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 👍
@oscar3611 Ай бұрын
Holy fuck! That watch! Count me in.
@willboa5365 28 күн бұрын
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 !
@ryanmccormick2150 Ай бұрын
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 😂
@Jakesautomotive Ай бұрын
You will be good Joe
@ShiftingMetal Ай бұрын
100%, this is the game and I love it!
@DaDa-David Ай бұрын
Ooooh Motor Novo finance! :-)
@axishull Ай бұрын
Solid
@user-ip4lc5kh9u Ай бұрын
Brilliant honesty that’s why people follow you
@ShiftingMetal Ай бұрын
Thanks
@kevinisaac9139 Ай бұрын
Get a overdraft facility 👍
@marcobigguns3417 Ай бұрын
Mate great video I did bother to send you a message as you asked for selling a car but never heard a word back
@user-sf7kl9uh7k 16 күн бұрын
This guy's prone, I like him.
@Seansaundersdecorating Ай бұрын
I’ll stick to decorating 😂
@bluefish2303 Ай бұрын
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!
@ShiftingMetal Ай бұрын
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
@JamesKing-ev1wc Ай бұрын
I always ran out of money, especially before the taxman was due for payment. Lol
@danecowan678 Ай бұрын
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 👏🏼👏🏼
@Payz1st Ай бұрын
I respect the transparency and honesty In this video
@clearasabell Ай бұрын
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.
@michaelevans2975 Ай бұрын
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?
@ShiftingMetal Ай бұрын
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 👍
@michaelevans2975 Ай бұрын
@@ShiftingMetal That's good👍
@seangreenwood8331 Ай бұрын
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
@the_wonk Ай бұрын
"dont come and rob berrow motors" 🤣🤣🤣
@robparker1625 Ай бұрын
Great vid. I would use excel to generate a random person from your subscriber list. Easy peasy.
@ShiftingMetal Ай бұрын
Getting the full list is the issue
@robparker1625 Ай бұрын
@@ShiftingMetal does YT not give you your full list of subscribers?
@peterlang3369 Ай бұрын
I would hire out Toby for film work, Chops could do with him !
@suegeen688 Ай бұрын
we had a buisness, lot of our customers paid on 90 days, we had a 10k overdraft,
@stephnieukjones7052 Ай бұрын
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
@ShiftingMetal Ай бұрын
Yeah i can imagine clubs have been hit hard!
@ruk2023-- Ай бұрын
Cashflow is the single most persistent anxiety inducer in my life.
@mrd64 Ай бұрын
What happened to the 911 that you had to buy back, will you lose money?
@ShiftingMetal Ай бұрын
Still have it, still fighting the deposit refund battle but will make an announcement on that all soon!
@flybobbie1449 Ай бұрын
We have £300.....did go up £440 today....
@cliverichardson286 Ай бұрын
Great video joe Juggling money around , would spin my head 😂… fair play Has that Volvo sold
@ShiftingMetal Ай бұрын
Still here at the moment but hopefully not for long 👌
@pujapete3665 Ай бұрын
its the business you choose to be in....
@ShiftingMetal Ай бұрын
Yeah, and I love it!
@pujapete3665 Ай бұрын
@@ShiftingMetal i guessed you did
@daveandjanwoolf8078 Ай бұрын
How do you make a small fortune in the car sales business? Start with a very big one!
@petewatson4093 Ай бұрын
Ditto 😂 Pete Turnbridge Autos
@ShiftingMetal Ай бұрын
😂👍
@johnobrien8398 Ай бұрын
This could be the the big breaking story of the century.
@ShiftingMetal Ай бұрын
It is possible
@markwilson9061 Ай бұрын
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
@ShiftingMetal Ай бұрын
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!
@geoffcarlton4047 Ай бұрын
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.
@ShiftingMetal Ай бұрын
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!
@LateNightVapeShow1 Ай бұрын
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
@Mike-hx7yn Ай бұрын
No matter how profitable your business is cash is king You can go bankrupt making loads of money..! Respect 👍
@shaunmilner5599 Ай бұрын
We can all access the company house website
@ShiftingMetal Ай бұрын
Cool
@ChopsGarage Ай бұрын
Lol , if you want to sell your car , go see Chops 😂😂
@ShiftingMetal Ай бұрын
Yes, he has loads of money! 😂
@ChopsGarage Ай бұрын
@@ShiftingMetal sorry a correction, loads of "your" money
@ShiftingMetal Ай бұрын
😂
@djappnew Ай бұрын
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
@linford545 16 күн бұрын
Great video and like ur honestly 👍🏿
@Carsforsaleuk8220 Ай бұрын
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
@ShiftingMetal Ай бұрын
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
@LCOF Ай бұрын
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!
@ShiftingMetal Ай бұрын
🤣
@darrentaylor6382 Ай бұрын
Hey Big spender
@billdornan4379 Ай бұрын
I’m surprised you don’t drink more! 🇨🇦🇨🇦
@ShiftingMetal Ай бұрын
😂
@Chris-xb6be Ай бұрын
You forgot your £1k overdraft, surely grab an old focus with that.
@ShiftingMetal Ай бұрын
😂
@TheHumblePaintSprayer333 17 күн бұрын
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
@stevie007 Ай бұрын
👌👌
@mark8544 Ай бұрын
Turnover means nothing without profit.
@ShiftingMetal Ай бұрын
Very true, are you making assumptions that I don't make profit?
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