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My Business Is Failing What Can I Do to Turn It Around?

Licensed UK Insolvency Practitioners FREE Meeting for Company Directors We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cashflow problems and raising finance.

My Business Is Failing What Can I Do to Turn It Around?


Over the years a great number of owners and directors have come to us in distress asking, “My company is failing. What can I do?” There is no simple answer to that question but what we can tell you from the very beginning is that there is no time to lose. If you are experiencing cash flow problems and unable to pay your debts, don’t wait until you have been issued a winding up petition. The moment you find that priority bills are not getting paid on time is the time to take a careful look at what is going on. 

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I understand that the last people you would ever want to speak to would be a business rescue firm, but I also know that trying to understand your options can be equally challenging. I have seen every eventuality in business and can help clarify what your options are.
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What Is the Root of the Problem?

There are a number of reasons why businesses begin to fail and it will take a careful analysis of your books to see exactly what is going on. Perhaps it is a matter of not being able to collect on your invoices which are outstanding, which can be easily rectified in many cases with invoice factoring or confidential invoice discounting. Then again, maybe your business model needs to be restructured or management could be falling down on the job. Sometimes a product line has outlived its usefulness whilst other times marketing is not effective. In other words, there is no ‘one-size-fits-all’ solution to turning around a failing business. Each company has its own set of problems which will need to be analysed.

What Are Your Options?

Just because your business is failing right now doesn’t mean that we can’t help you turn a profit once again!  Depending on the problem, we may suggest one of the following options:

  • Company Voluntary Arrangement – Formal and binding agreement with your creditors to accept payment over a period of time.
     
  • Increase Cash Flow through Financing – From small business loans to invoice factoring, injecting money immediately into your company can keep it afloat until problems are resolved.
     
  • Administration – Your company may benefit from administration which will keep the creditors at bay whilst your company is restructured.
     
  • Pre Pack Administration – Sale of the company's assets to a third partywho may be a common director so that it can continue operating with the same suppliers, employees and customers.

You have come to us with a request for “help with my failing small business” and that is exactly what we intend to offer! Don’t be afraid to seek assistance because your time may be limited. If you notice that your debts are piling up and orders are not coming in as they should (or you have trouble fulfilling them!) simply give us a call. We can be there, often the very same day, to help get you on the road to recovery. Since the initial consultation is free you have nothing to lose - so don’t delay.

 

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Every day we help companies just like yours turn things around against seemingly impossible odds, regardless of your situation we can help. Find your nearest office today.
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