There’s something unique about the end of the calendar year. Festivities are in full swing, and the promise of the new year is the perfect opportunity to reflect on the successes and achievements of the year gone by. However, the natural reflection that takes place in winter can be a difficult time for many businesses. With successes also come failures and you might find yourself a little apprehensive about what’s in store for the coming months.
It can be easy to brush your concerns under the carpet, particularly at a time of year associated with celebration. However, it is really important that businesses tackle their problems head-on and seek the right advice should they be worried or unsure about their position and competitiveness. Speaking business rescue expert is a valuable way of bolstering your company’s chances of success and ensuring that any challenges you may be facing are dealt with appropriately. With this in mind, here’s why you should contact a business rescue expert this winter.
Start The New Year On The Front Foot
Many business owners wrongly believe that contacting a business rescue expert is a sign of failure. While business rescue experts can undoubtedly help turn troubled businesses around, they can also provide valuable guidance for businesses simply wanting to plan ahead and start 2024 in the best possible shape. Particularly for small businesses, the new year is likely to see a continuation of a challenging operating environment so it’s wise to seek some advice and see if there are any measures you can take now to futureproof your business for the year ahead. A business rescue expert can look at your business structure and model and give you some guidance when it comes to suitable plans and measures that will help you meet your goals in the new year.
Tackle Insolvency
However, some businesses will be beyond the point of being able to take proactive and preventative steps this winter. End-of-year reflection can highlight significant failings throughout the year, and if it is apparent that your business is struggling or unable to pay its debts then you must contact a business rescue expert right away. Difficulty paying debts is the main warning sign of insolvency but there are a number of suitable options for companies in this position and a business rescue expert can talk you through them. They will work alongside you to understand your current position and talk you through the viability of recovery options like a Company Voluntary Arrangement alongside the suitability of closure through liquidation. By seeking this advice sooner rather than later, you increase your chances of being able to come up with a recovery or closure plan that suits your business and its creditors rather than being forced into compulsory liquidation.
Understand Your Options
If you’ve been in business for some time, you might also be using the end of the calendar year to reflect on your own plans for the years to come. Perhaps you are close to retirement, or wondering whether it’s worth putting in the hours to keep the business running in a tough economic climate? In these instances, a business rescue expert can help you understand your options and paint a clear picture of any long-term future. You may decide that closing your solvent company is the best outcome and an experienced business recovery expert can work with you proactively to achieve this in the most efficient way.
Whether you are thinking strategically or are in times of need, please don’t hesitate to get in touch with the experienced team of business recovery experts here at Ballard Business Recovery. We can talk through your pressing concerns and future plans and help you to enter 2024 in the best shape, whatever that may look like for your business.
