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Hi all,
I didn't know exactly what topic to put this question under, so i'm starting off here.
Our company open our doors January 1st of this year. We have tripled in size and did so without any debt.
We ended up getting a few contracts the last 3 months that give us a nice stream of income, however those contracts cost us thousands to set up. We have had about $10,000 in net 30 accounts past due that we just paid off and we are finally all paid up. So we should be able to start putting away some savings for a nice cushion. At this point We're taking in about $50,000 +/- each month and have about $44,000 +/- in payroll & bills.
So I have a couple questions:
1) Obviously our employees get paid first. But after that, do you pay yourselves first or your vendors? I want to keep everybody happy, but also keep my personal accounts in decent standings at the same time, and sometimes that not all possible. We take very minimal payrolls to keep us afloat.
2) If our monthly P/L stays the same, how much should we start putting in as a nest egg before we start reinvesting & continue building up?
thank you for any input
I didn't know exactly what topic to put this question under, so i'm starting off here.
Our company open our doors January 1st of this year. We have tripled in size and did so without any debt.
We ended up getting a few contracts the last 3 months that give us a nice stream of income, however those contracts cost us thousands to set up. We have had about $10,000 in net 30 accounts past due that we just paid off and we are finally all paid up. So we should be able to start putting away some savings for a nice cushion. At this point We're taking in about $50,000 +/- each month and have about $44,000 +/- in payroll & bills.
So I have a couple questions:
1) Obviously our employees get paid first. But after that, do you pay yourselves first or your vendors? I want to keep everybody happy, but also keep my personal accounts in decent standings at the same time, and sometimes that not all possible. We take very minimal payrolls to keep us afloat.
2) If our monthly P/L stays the same, how much should we start putting in as a nest egg before we start reinvesting & continue building up?
thank you for any input
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