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Published: 1st March 2020
It can be surprisingly easy for a profitable company to find themselves sliding towards a state of business distress. Often this may not have anything to do with your running of the business, but instead down to external factors beyond your control. Perhaps you have lost a key client to a competitor, the market you operate in has taken a severe downturn, or you have suffered bad debt due to the non-payment of a large invoice.
Regardless of the reason behind your problems, you should be aware of the early signs of impending trouble. The following list contains some of the things to be aware of, however, it must be said that these being present do not always automatically mean there is something wrong with your business. Indeed some of these actions could form part of your wider business plan; it is if these are unexpected or suddenly thrust upon you that you should take note:
Take heed of these signs, and if you notice them take steps to get to the root of the issue. Often a plan can be formulated to get your company out of the red and back on the straight and narrow. Left too late, however, and many of these options will either be ineffective or simply no longer a viable possibility.
If you are concerned that your business may be experiencing the first signs of distress, contact Begbies Traynor today. With over 70 offices up and down the UK and over 100 licensed insolvency practitioners, we are perfectly placed to help you and your business. To arrange a no-obligation consultation call 0800 063 9221.
Call our Confidential Advice Line. Calls to this number are free of charge.
Call us now...We invite you to come and discuss your enquiry with us at your convenience.
Request a meeting...Call our Confidential Advice Line. Calls to this number are free of charge.
Call us now...We invite you to come and discuss your enquiry with us at your convenience.
Request a meeting...Call our Confidential Advice Line. Calls to this number are free of charge.
Call us now...We invite you to come and discuss your enquiry with us at your convenience.
Request a meeting...