During the lifetime of their business, most of your clients will at some point experience more challenging times; we all know that growth seldom happens in a straight line and that running a business is far from straightforward. It is how businesses respond to those challenges and whether they are alert to the associated dangers as they enter any decline that can transform what could be an unrecoverable spiral of problems into a short-term dip in performance.
Whether your client is looking for help to solve what is a short-term cash flow problem with the right funding and finance, or has greater underlying problems that are creating instability, our Restructuring & Insolvency team can help you to help your clients with solutions that work.
We know that seeking early advice gives the best chance of a successful outcome when facing financial difficulty, so why are business owners so reluctant to take advice, at the right time, from the right professional for the job?
Research shows that the stigma surrounding going out of business in the UK still prevents many from looking for help at the right time. Not knowing what their options are or who to talk to for straightforward practical advice means that some clients delay until it’s too late. When problems are admitted early, challenging decisions can be faced with our support to provide solutions that address the decline.
Understanding a client’s problems & worries and helping them to overcome their fear of the unknown is the first step towards effecting a successful business turnaround.
The ICAEW and its Restructuring and Insolvency group have developed a straightforward guide which identifies and explains the early warning signs of business failure and encourages those early discussions with an ICAEW business restructuring and insolvency specialist.
Understanding ‘the decline and recovery curve’, can help; taken from the guide, it shows the stages of a business undergoing problems and the potential routes it can follow – to insolvency or on to recovery.
You can also download a full copy of the guide here.
Hear first hand from Fraser, the Managing Director of a manufacturing business, as he takes us on his journey, from first spotting the warning signs and recognising that his company was getting into difficulty and seeking the advice of an ICAEW Restructuring & Insolvency professional through to the challenging decisions that had to be faced in order to reach a successful outcome.
The good news is that Fraser now has a flourishing business and he shares his lessons learned – one being the value of ignoring the stigma and seeking early advice.
The best advice is always to ask tough questions and to take good advice and support early, which is far better than allowing continued underperformance and decline to reach the point where options become limited and business failure may become unavoidable.
Our approach is a unique one; working alongside you and your client, we provide advisory triage & support with specialist advice and funding solutions, helping you to help your client on to recovery.
View all insights