Turning a vision of being debt free with a great work life balance into reality…
An established car sales business has improved its financial prospects by securing an increasingly popular alternative source of business funding. And at the same time improved the work life balance for the proprietor.
Broomhill Motors have been trading successfully for 15 years and have built a reputation specialising in trading Mercedes cars and the business has negotiated a crowd funding loan to support its long term vision.
The business grew organically from retained profits and various sources of finance to become established. In 2015 owner Graham Bonning took a step back from the business to create a clear long term vision.
Despite being in a sector which can have downturns as well as successful periods, Graham was clear that being in this trade was something he fundamentally enjoyed and wanted to continue for long as he could. He created the simple but inspiring vision – “Being debt free with a great work life balance”.
This caused him to focus on the priority action of reducing the cost of his car stock finance and to have this repaid over a relatively short term. The business was successful in obtaining a crowd funding loan which halved the interest cost and will see the business debt free in a short period, whilst still being comfortable with the repayments.
Crowd funding is one of many new sources of finance available to viable businesses either directly from the finance provider or through a professional intermediary. This loan was agreed in 3 days and was financed by numerous investors at a competitive interest rate due to the strength of the standing of the business.
Having completed this, Graham was free then to focus on the next priority of improving the work life balance. Being a typical ‘one man band’ business he had little time away from a 7 days a week business.
He got clear in his mind the profile of a part time employee that the business could now afford to provide flexible cover, who he then found, and which enables Graham to enjoy quality time away from the business, returning refreshed and focused.
The catalyst for this was to interrupt ‘business as usual’.
It’s a great example of stepping back from the business to look up, think about what’s most important to me, and create a clear vision. This then focuses the actions on priorities, and options like crowd funding become a clear and confident stepping stone.
The vision then starts to become a reality, and this is available to anyone putting in place a simple planning structure.
Graham said “I used David for a year and found him very helpful in giving me focus and targets regarding my business as well as my personal finances. Even though I have been in business for 15 years it is always helpful to someone look at it from a different point of view”.
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