- Posted by admin
- On August 6, 2020
- 0 Comments
If your business is struggling, the hardest thing to do is admit that you need help from an expert.
You may see the signs, but in their isolation, you may think that it is only a temporary blip. These signs may be:-
- Constant attempts at trying to cut costs so your business can make a profit
- Juggling different suppliers as you have reached their credit ceilings
- Making redundancies as you have staff that have no or little work to do
- Receiving threats of actions from creditors or their solicitors to recover their debt
- Uneven cash-flow statements where more money is going out than coming in
- Lost contracts that you were relying on
- Action or threats of action from H M Revenue and Customs
- A drop in sales that you do not think you can pick back up in the short term
- An amount of historic debt, that you just don’t seem to be able to reduce
- More serious – winding up petitions presented to you
It can be a daunting task to pick up the phone and ask for help, but the earlier you do this, the more options that tend to be available for your company to survive.
When it is struggling financially you may not know where you can go for help. You may want to talk to your bank manager, but be wary of doing so in case they reduce the overdraft facility. You may want to talk to your accountant, but may worry that they will delay working on your accounts as they may think they will not get paid.
Why talk to an Insolvency Practitioner (IP)?
There is a misconception that an IP’s job is all about closing companies down. Speaking from experience, my job satisfaction comes from keeping Companies going. I admit that us IP’s do see more failures than we see successes, but that is the nature of the business. It is the successes that make our jobs worthwhile.
So if your business is struggling, how do you maximise its potential of being one of those success stories?
- Get advice from an Insolvency Practitioner – and make sure it is a Qualified Licensed Insolvency Practitioner and not just a sales person.
- Don’t delay – the quicker you see somebody, the more options that may be available
- Stop stressing – the sooner you talk about it, the better you will feel about it and be able to get on with the core of your business.
Contact Claire Foster (a Licensed Insolvency Practitioner) now for free confidential professional advice. Claire will have a good talk to you on the phone and if appropriate will come and see you at a convenient time and location with the hope that she can use her extensive experience to revive your business. There will be no costs for this initial advice – so what have you got to lose?
Contact Claire Foster on 01302 965485 or email firstname.lastname@example.org and specify a good time for her to call and she will ring you.
Claire has just discovered Microsoft Teams and Skype – so she is also available to give her free initial advice via web chat.