- Watch out for poor cash flow as it will need to be addressed quickly
- Assets can be refinanced to release capital, even if there is existing finance in place
- Immediate revenue can be raised through factoring, which also takes away the stress of chasing clients for payment
- Alternatively, funds can be raised from invoices on a confidential basis leaving credit control in-house
- Funds can also be raised through the Small Firms Loan Guarantee, which is a government-backed scheme designed to help small businesses
- If you are under pressure from HMRC or your creditors, and you are under threat of legal proceedings, your business may benefit from a Company Voluntary Arrangement (CVA)
- A CVA ring-fences a firm’s existing debts, allows it to continue trading and provides for debts to be repaid, either in full or in part, from future profits. You stay in control of your business at all times
- With the economic turmoil, banks are becoming harder on business customers. Take advice before you consider moving your account as there may be hidden charges
- When it comes to suppliers, honesty is the best policy. Most will want to help you as they don’t want to see a client go out of business
- Don’t be afraid to ask for help or advice
Barry Sanders, managing director, MJC Corporate
