Whether you’re preparing to grow your business or trying to recover from a period of financial difficulty, an IBR (independent business review) can help. The valuable insights an IBR provides can give you a lot of clarity and a vision for how to move forward, so consider getting started sooner rather than later.
What Is An Independent Business Review?
As the name suggests, an independent business review is a thorough investigation of a business in all of its aspects. This includes its financial position, stability, position in the marketplace and performance. It’s commonly requested by banks, stakeholders or creditors when they’re concerned about a distressed company potentially facing insolvency.
Provides An Unbiased Point Of View On Your Finances
An independent business review offers a fresh perspective on your company’s financial situation. It’s all too easy to get stuck in a rabbit hole and prevent yourself from being able to take a larger, objective view of your finances, which can be dangerous. An outside opinion from trained professionals could allow you to gain valuable insights that you might have otherwise missed and address problems before they snowball into even bigger ones.
Reinforces Confidence From Creditors And Stakeholders
Confidence in the success of your business from creditors and shareholders is vital at any time, and you can boost it by getting an IBR; it shows that you are proactive, committed to responsible management of the business and open to criticism and new ideas. That trust will be valuable when you need to renegotiate debt, bring in new shareholders or steer the business through tough conditions.
Highlights Inefficiencies And Future Problems In The Business
The detailed breakdown of the company’s profit and performance that an independent business review provides allows you to understand where the inefficiencies lie and what problems are coming down the road. Early signs of cash flow problems, poor asset performance and managerial issues can be caught and handled early to prevent major issues later on.
Supports Strategic Decision Making
If you’re considering expanding or restructuring your business, then you’re going to need to be equipped with detailed insight and data-driven conclusions to help you make the most strategic decisions possible. This is where getting an IBR is vital. Knowing where your business stands as-is will allow you to follow a clear vision of where it should be headed on a financial, operational, and strategic level.
Benchmarks Your Current Market Position
One of the useful pieces of information that an independent business review provides you with is a pinpointing of your position relative to your competitors. Being able to understand your market position allows you to begin drawing up a plan for areas where you need to focus your innovation and funds to get ahead of the competition.
If you’re interested in having an IBR conducted for your company, then get in touch with us at Ballard’s Business Recovery. As licensed insolvency practitioners with plenty of experience in IBRs, we can help you gain the insights you need in a simple and timely fashion.
