Published: 31/01/2023 By Hannah McCormackWith insolvencies on the rise again it is no wonder many companies are wondering if it’s worth carrying on in this current, very difficult climate.
Many businesses took advantage of the Government help offered during Covid times to ensure their business survived through the pandemic. From loans to extended time to pay taxes, these gave many the breathing space they needed, but all the help and assistance has now finished, loan repayments are due and businesses are feeling the strain. Added in with rising costs, as well as consumers cutting back on their spending, it is an unfortunate downward spiral for some. Feeling like they are barely surviving and regularly considering throwing in the towel seems to be the place many business owners are currently finding themselves in.
Running a business not only takes its toll on you financially but also mentally, constantly worrying if each month you will be able to make ends meet is a huge burden to carry. Mental health is not something to be ignored and something that must also be taken into consideration when weighing up if continuing with the business is viable.
Seeking advice from a business turnaround specialist would be a wise move for any business owner currently in survival mode. At turpin barker armstrong we are specialist in business turnaround and believe that our expert knowledge and years of experience means we can often see things from a different perspective, providing alternative solutions and options a business owner may not have considered.
Once you get in touch with us we talk through your situation and carry out a viability review, we can then understand what steps are needed to move forward. If the core business is profitable, or could be profitable in the future we can offer the support that can turn your business around.
Some of the solutions may include:
- Closure of loss making divisions / product lines
- Streamlining and reducing costs, perhaps by outsourcing certain activities
- The introduction of new management and / or new capital
- Seeking to exit or renegotiate leases
- The sale of all or part of the business
There are other routes that we can advise on if perhaps things are slightly worse off, such as a range of corporate insolvency or formal restructuring options. These could be a Company Voluntary Arrangement, an Administration , or a Moratorium all of which can be put in place to protect the business whilst it is re-organised.
We always stress just how important it is to get in touch with a professional sooner rather than later, our first meeting is free of charge and with no obligation therefore you literally have nothing to lose by giving us a call to see how we may be able to help. Call 020 8661 7878 or email email@example.com or fill out our contact form.