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 thorough spring examination of business finances might be all it needs to be ready for a summer of success.
“Recent insolvency statistics show that the number of businesses going bust is increasing,” said Adrian, of 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.
“There are companies both in South Yorkshire and nationally that are on the edge and have really big problems but the longer they leave taking advice the more the danger they face of falling into terminal decline,” he said.
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.
“At present, many firms are delaying investment decisions whilst the political situation becomes clearer. Once the Brexit negotiations are concluded there will be increased demand for goods and services and companies that have prepared for growth will find their market share increasing,” he said.
“But if you are staring at big problems right now it is not enough to hope and pray that things will 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.”
To find out more about how Graywoods can help prepare companies for future growth, call us today on 0114 285 9500.