If your business gets into trouble then you must take the right actions at the earliest opportunity. This is where a SPS board advisor can help. Apart from business strategy experience they are experts at turning a business around and achieving a new beginning.
First, focus upon stabilising
If you are in trouble then you must focus upon conserving cash to give you more time. Cutting costs, collecting debtors, delaying creditors gives you the best chance of surviving the immediate difficult circumstances. Once you are stable, then you can move forward.
Getting out of trouble
You then need to find out the root causes of your problems - why did you get into trouble in the first place? You then need a recovery plan that sorts out the root causes and puts you on the right track. If you need new external funds then this recovery plan is critical.
You need the support of people
Naturally, if you are in trouble then you may have low confidence - this is fatal. You must talk confidently with all the people who are affected. Your staff will be uncertain, your bank manager may lose patience and tax authorities may seek a closure. Focus on getting support.
Talk to SPS
If you are worried about your business then talk to SPS. Our board advisors have a great record of success of working with people like you. If you would like to talk to SPS you can ring us direct on 01765 600160 or send an email and we'll come back to you.