How to Turn Your Company Around if it’s in Financial Trouble

No company director is ever going to want to be in charge of trying to turnaround a company which is having financial difficulties. But companies can get into problems and do so quite frequently. If your company is having problems with its finances we’ve put together a quick list of things you can do to start getting back on track.

1 – Step back a bit

It’s important to concentrate on the day to day operations and especially cash flow but sometimes you need to step back and look at the bigger picture.

Focus on working out a long term solution rather than firefighting the smaller issues.

2 – Concentrate on the essentials

Figure out what is absolutely essential to the survival of the business. See if there is any way that cost can be cut of finances raised.

This may unfortunately lead to some redundancies but if the company was to close these would happen anyway.

You should also consider selling off any assets that aren’t absolutely needed to keep the business running. If this can be done before any insolvency proceedings take place you can usually get a better price for them.

3 – Look at all the financing options available

There are quite a few financing options available to companies with financial pressures, from short term loans through to invoice financing and these can help businesses stay afloat during times of hardship.

4 – Stay positive and seek help

Even in a dire situation there is usually a solution that can be applied that looks after you and your employees. The best thing you can do is speak to an insolvency and business recovery specialist. An independent outlook on your business can make a crucial difference.

They’ll be able to help you come up with a working viable solution and help take away some of the stress you feel.

Next steps

If you think your company could do with some help call me on 0800 975 0380 for a quick confidential chat or alternatively you can email me [email protected]