Business failure = opportunity25th November 2020
A few years after I passed my driving test, I took my beloved car for its MOT…
…I didn’t think there was much life still in it. It felt sluggish, the engine was noisy, and whenever I went above 60 mph, the steering wheel used to shake!
I was sure that they’d tell me that this was my car’s final service and that it’s heading for the scrap heap.
Instead, they fixed some fundamentals…
…and suddenly, not only was the car much smoother to drive, but the fuel economy was much better as well. There was life in my old car yet… Suddenly I enjoyed driving it again.
I thought about that car for the first time in many years, after writing all my recent posts about turning around distressed businesses.
You see, if your business is in any kind of financial trouble, getting help can be terrifying.
Just turning to someone and saying, “Something in my business isn’t working” can feel like an admission of failure.
And if you’re used to being in charge of your own company, bringing in outside experts can feel like a loss of control. You worry that the experts will fundamentally change the company you love…
…you might even worry that they’ll send your business to the ‘scrap heap’.
Those emotions are part of the reason why business owners hang on for way too long, trying to deal with severe financial issues on their own…
…even though they are completely unequipped to deal with them.
They avoid getting the help they need, because they think it will end with them owning a business they no longer recognise… or want… Or that they’ll lose control altogether.
Meanwhile they dig their business into a bigger and bigger hole - and get increasingly stressed.
Here’s what I wish they knew…
When you get our help when you’re in financial distress, it’s not just about giving you a bit of respite or removing the biggest strangleholds on your business.
Yes, that’s where we start…
…but once any emergency measures are in place, we install outstanding financial management, so that you can manage your business much more smoothly and easily in the future.
We sort out any issues with your bookkeeping and accounting, so that all your numbers are processed accurately and in a timely manner.
And we make sure that you start getting very regular financial reports, so that you understand exactly where your business is financially at all times.
This will help you make much better financial decisions, and plan ahead…
…so you never find yourself in financial distress again.
We might also help with other measures designed to improve your financial management long-term, for example ensuring you have a finance director on your team or a Board of Management to help you with your finances.
After months or years of running a business with unstable financial foundations, you can’t imagine the relief you’ll feel to have clear financial information at all times.
It’ll be like moving from that sluggish car with the noisy engine to the car with good fuel economy…
You’ll end up with a much better business.
As a result, you’ll feel much more in control - not less. You’ll also enjoy running your business much more - in fact, you might really enjoy it for the first time in years!
The first step to making this happen is acknowledging the truth, if your business is showing signs of financial distress.
The key sign to watch out for is issues with cashflow, although right now taking on lots of extra debt - including government loans - is a warning sign as well.
There are others, too - if your gut tells you something is wrong, it probably is.
The next step is to come to us for a confidential chat about your business finances.
We’ll help you determine your true financial position, and - as long as your business can be saved - put in place any measures necessary to turn things around. Then we’ll get to work, equipping it for long-term financial success.
We have helped revive many failing businesses, and chances are we can help yours too.
If the situation really is dire and you need an expert turnaround advisor, we’ll refer you to colleagues who can help.
Asking for help isn’t an admission of failure. It’s the smart and sensible thing to do, if you’re to save your business.
And it’s the first step towards building a business with the infrastructure to thrive and grow…
…which will be a lot more pleasant to run, wouldn’t it?
Just hit ‘reply’ to this article or phone us on 01279 647 447 to get in touch today. Let’s get started.
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