No one expects to find their business one day struggling when they first register it and begin trading. Sadly, despite our best intentions, this situation is all too common and can leave any business owner with the feeling that there is no future in sight for the company they have worked so hard to build.
If this sounds like you or someone you’re close to, we may have a solution. Insolvency firms are well versed in turning around the fortunes of and pulling failing businesses back on track. These firms offer a multitude of services and may just give your business the new lease of life it needs.
What Does an Insolvency Firm Offer?
The personal and business related finances of small business owners are often linked. This is even more so the case when a business structure has been set up with a director or shareholder having full liability.
The job of any company providing business recovery services is to try and resolve the issues facing a business, whether cashflow or financial management related. In addition, most firms will be able to suggest solutions that may see you able to protect your personal assets should your business fail.
Outsourced Financial Management
Since poor financial management is often the driving force behind most business failures, its worthwhile starting here.
It is possible for you to outsource the entire operation of your finance department to the experts so that they can conduct a forensic analysis and tell you exactly where the problems lie. If it’s just a case of poor bookkeeping, they’ll let you know. If it’s a case of significant cashflow problems, they’ll be able to tell you why and propose a solution.
A Corporate Turnaround Solution
In addition, these firms are also able to assist in other aspects of your business and its day to management. A business recovery strategy will be instrumental to improving the health of your business. The drafting and oversight of such a strategy as well as the following services will be offered:
· Improving bad relationships with creditors
· Improving bad relationships with debtors
· Providing solutions for improving declining profit levels
· Assist you in finding new ways to beat your competition
· Reducing the stress levels of directors and employees by taking a hands on approach
· The benefit of an unbiased third party who will be able to assist without bias
Any business recovery firm will be able to offer you the services you need whilst preventing you from paying for services that you don’t. If required, a comprehensive business health check will be provided which will show you exactly what areas of your operation need to be prioritised as well as those areas which can be tackled at a later point.
What is important is that you act in a timely manner to avoid the situation getting any worse. The sooner you can appoint an insolvency firm, the sooner you will be able to improve the performance of your business and likely avoid a costly failure altogether.