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.
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.
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.
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:
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. Real Business Rescue provide director advice online, over the phone, or in-person at one of our 75 UK offices or a place of your convenience. Since the initial consultation is free you have nothing to lose - so don’t delay.
16th September 2019
There was around a 25 per cent increase in the number of restaurant businesses entering insolvency over the course of the year to June 2019, according to the latest figures on the subject.Read More