Published: 17/08/2020 By Jane PriceCoronavirus has led to a ‘perfect storm’ of business challenges. The landscape is looking very different with many businesses having to dramatically change the way they do business now and into the future. Whilst we all adjust to the “new normal” businesses will no doubt be facing financial challenges. Getting the right support and advice is vital to help them navigate through the current difficulties.
One way to help your business is to contact a business recovery advisor who can offer practical support and act as an impartial but knowledgeable sounding board, as business owners and shareholders alike weigh up both business and personal options – helping them to realise short, medium and longer term objectives.
Get a Viability Review
We recommend you contact a reputable recovery and turnaround specialist like turpin barker armstrong and ask for a viability review. An in-depth look at the business with fresh expert eyes can assess it’s future viability and work out what steps are needed to get back on track.
The review should include:
- Current trading and financial position
- Current balance sheet and risks to asset values
- Analysis of loan agreements and debts
- Profit and cash flow projections
- The business plan
- SWOT analysis
By seeking advice from a rescue and recovery specialist, who has experience of helping businesses in financial distress, will business owners be in a position to review all available options to make the necessary changes and positively move the business forward.
Most recovery firms understand having financial stress in your life can be a worrying time so will offer a free, confidential, initial assessment, with no obligation.
When a business is in trouble, the main objective should still be where possible to rescue it as a going concern.
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
- The sale of all or part of the business
If the problems cannot be solved by these options, there are a range of corporate insolvency or formal restructuring routes available. These might be a Company Voluntary Arrangement or Administration or the new moratorium which ensures the protection of the business whilst the position is reviewed.
Financial difficulties do not mean the end to any business and seeking advice on the options available and getting impartial advice is the first step to getting clarity on the position.
We always offer the first meeting free of charge, with no obligations to commit, so why not give us a call to see what we advise for your business's future.
Call us on 020 8661 7878 or email firstname.lastname@example.org