Borrowing money is a common way of driving growth and fulfilling your businesses ambitions, yet with the best will in the world, this doesn’t always go to plan. Financial hardship can affect any business at any time – whether it be the sudden demise of a key customer or supplier, changing consumer trends or cash flow issues – which can make it difficult to continue trading, having a detrimental impact on a business’s operations.
For businesses faced with financial pressures, there are options available that can be tailored to alleviate or mitigate situations and restructure existing debt – but early action is vital. The sooner you act, the more options you’ll have available to get you back on track.
This is where recovery solutions come in. They can be utilised to give businesses more breathing space, making it more manageable to pay creditors back.
During periods of financial duress, the options available to each business vary and depend entirely on the business’s circumstances
For example, if your company is experiencing short term cash flow issues but has a viable strategy for recovering and can demonstrate sufficient cash flow, emergency finance may be an option in the form of a cash loan or asset-based financing. Businesses that are further along in the decline curve are unlikely to be able to access any kind of finance, and therefore should consider other formal solutions. Some options include:
Each option depends entirely on how much is owed and the type of debt, as well as the businesses income and its assets.
Securing the future of your business by appointing the right experts at the right time
Financial pressures needn’t be the end. Here at Smith Cooper, we work with businesses and individuals in a range of circumstances, facing a variety of challenges. We work side by side with you to find solutions to your uncertainties, exploring every option along the way.
For a free, no obligation discussion, get in touch with a member of our award winning Business Recovery and Insolvency team today. We can conduct an in-depth review of your circumstances, meaning we’re able to provide advice on recovery tactics or assist in obtaining necessary finance and arrangements, acting as mediator between yourself, creditors and lenders.
We can help you develop workable plans, engaging constructively with customers, suppliers, lenders or stakeholders to help you move forward with confidence, with the intention of avoiding insolvency at all costs.