SME DEBT PRESSURE – HELP THE OWNER
Being an entrepreneur or business owner can be very lonely, especially when the business comes under any form of SME debt pressure.
Sometimes people in paid employment look jealously at business owners looking at them as privileged, lucky and obviously loaded. Examples of comments are:
- ‘Look at the car’. (In reality, it’s financed to the hilt)
- He gets to play golf in the week. (One round maybe and then work at the weekend)
They don’t see or comment when things go wrong nor the pressure involved when things get tight or worse the business just fails.
Todays Business Environment
In today’s business environment the speed at which things happen is amazing. The line between success and failure are closer than ever.
Recently, a business crashed due to Google changing their algorithms.
All was good when it appeared 1st or 2nd on the first page. They plummeted to page 5 after the change and the crash in business happened. The business sold one-off products, ie very few repeat sales, that relied heavily on Google Ads.
Contingency planning is vital. Most businesses do their health and safety review and a ‘what if’ plan e.g. premises catch fire or systems crashing, but never an insolvency review, i.e. a ‘what if’ should the business fail. Not something you would look at doing every week, but it needs to be done. Yes, not very positive but so important.
If it’s not been done or too late and ‘it’s hit the fan’ it is imperative that the owner gets the right advice. That sounds like a very bland comment, but you wouldn’t be seeing your GP if you had a heart attack.
Why we can help
If someone is suffering from the pressure of business debt problems – make sure you help and tell them to get the very best advice they can afford. His or her accountant and/or their solicitor, will not usually suffice.
Insolvency law and processes are well established in Statute. It’s how then it is comprehended, used and then how the problem is dealt with, with a detailed and understood strategy. That’s what Bell & Company do.
To conclude, if you know anyone in ‘the mire’ get them to talk to a niche advisor in this field. They need to understand the problem and be empathetic to the other personal pressures that stem from insolvency.
Bell & Company offer free initial consultations in an understanding way – call us on 0330 159 5820 or read our E-Brochure DO NOT BE ALONE.