Prepare for a brighter summer with a financial spring clean
A thorough spring clean might be a domestic tradition…but it could be a sound financial activity too.
Leading Sheffield insolvency expert Adrian Graham says that a detailed spring examination of business finances might be all it needs to be ready for a summer of success.
And for companies still trying to cope with the fallout of Brexit and fears over what comes next, he says now is absolutely the right time to take stock and make some serious decisions about the future.
“Recent insolvency statistics show that the number of businesses going bust is increasing,” said Adrian, of Sheffield insolvency and business turnaround company Graywoods.
“The retail sector continues to struggle with changing shopping habits, especially the boom in online sales, but several other sectors including construction and hospitality are also showing increasing signs of distress.”
For any company struggling to cope with tough times, Adrian says spring is the ideal time for taking stock and making some important decisions.
And he believes that by taking the right action at this stage, even the most troubled employer should be able to look forward to better trading as summer approaches.
Adrian explained that one of the most important things for any struggling company was to be realistic about long-term aims and prospects and then take appropriate action.
“Now that we know Brexit really is happening, no matter how rocky the next few months might prove, business owners need to embrace new opportunities and maximise the opportunities that our exit from the EU can bring,” he said.
“But if you are staring at big problems right now it is not enough to hope and pray that things will simply improve.
“The good news is that there are things that can be done to turn a business around, keep things afloat and prepare for the better times to come.
“Simply doing more of the same leads to more of the same problems. Our message is change the way you address those problems, the way you undertake your business and seek professional advice on how to contain a bad situation.
“By putting in place a strong turnaround plan and tackling existing problems a company will be ready to grow and not still be struggling with historic debt when the competition is trading healthily again.”