So your company has had the results of its business health check back and they suggest that formal insolvency could be avoided. Fantastic news, but that’s not the end of the story if cashflow is still an issue. It can be a very slippery slope down the path to formal insolvency where things quickly get beyond your control. But if your company is stalling then there are some options you may want to look at that can help it to overcome any short-term issues; enabling it to be turned around and get back on track.
These options range from:

Arranging Finance

  • Commercial mortgages
  • Commercial loans
  • Asset finance
  • Invoice discounting

Cost Reduction Plans

  • Re-negotiating existing finance terms
  • Re-negotiating leases
  • Re-negotiating with your suppliers
  • Moving or downsizing premises
  • Reducing wastage and inefficient processes
  • Looking at ways to reduce your tax bill
  • And sadly, making redundancies if necessary

Cashflow Management

  • Preparing sales and budget forecasts
  • Credit control
  • Debtor collection services

Marketing and Planning

  • Explore low-cost and no-cost ways to advertise
  • Introduce new products and services or offer better deals
  • See if you could justify increasing your prices even by a small amount
  • Boost productivity and efficiency by cutting out strategies that bring in no business and concentrating your time on ones that do

If you have any questions or want to discuss anything you have read about in today’s blog then please remember that Focus Insolvency Group are licensed insolvency practitioners and financial advisors and are here to offer impartial advice and guidance on any of the above options. All our initial consultations are free.
>Next in our series of insolvency guides we will be looking at the first steps in formal insolvency beginning with Company Voluntary Arrangements (CVA’s), outlining the options, the pros and cons and the processes involved.