Monday, April 25, 2011

Happy Holidays for me?

It’s payday week…and I’m already dead broke. Seriously, I really need to relook into the overall finances and rework on my financial plan, otherwise I will be filing for a Chapter 13 again.  Yeah, I filed Chapter 13, Chapter 11 and once Chapter 7 on many grounds, as a corporate entity (Liquidation) in the US, Restructuring of Corporate Finances and Personal Bankruptcy in the UK. At times, mostly it was NOT MY BLOODY FAULT! But in business, things do happen, and if shit happens, you have to flush it down and start anew.

 

May day is a day for Holidays. Also a Bank Holiday in the UK, and some knew it as Labour day, this is a day for us WORKERS to be happy and take the day off. Not for us , Enterpreneurs and Bosses alike. It is a nightmare as we try consolidate things and plan ahead. Like April 5th in the UK, HELL BREAKS LOOSE DAY as the accountants and auditors are chasing us for accounts and balance sheets. Taxman love this time of the year as we have to submit everything to them by MAY DAY! ….and I am calling MAYDAY MAYDAY MAYDAY!

 

Why? The sales figures have been …shy far off the targets. Grants were not delivered and thus funding were brought to a standstill. That is more than USD4.7 Million in funds frozen solid which mean a hefty sum of commissions for me. Sales figures are far off the charts, in the RED due to the lack of funds as my ROI for research and marketing is at least 20 times the investment. And since I get about 5-10% of the sales figure or 30% of gross profits, that is a huge OUCH FOR ME.

 

Reasons:

Failure to secure entry into the Saudi Market due to deception by the Saudi partner.

Research Grants frozen.

Sales figure dependant on Research and Marketing Grants

Manpower lacking

Promotion Grants lacking

Credit limit breached

Trade Credit retracted

Increase in Fuel costs resulting in severe overhead costs

 

What it means to me now is that what I am supposed to clear, is not cleared so gathering more interest and fees and I’m basically on the brink of bankruptcy.

 

I still got Citibank, Standard Chartered and Diners club to check off, on top of CIMB.

So if you are clever, invest in Gold and Support my advertisers..if there are any.

 

Happy Holidays you all!

 

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