Business in trouble? Get your head out of the sand!
Management Today has published a hard hitting blog by our Business Risk Adviser, Nick Hood urging business owners and managers of troubled companies to call in specialist help early to maximise their rescue options.
“There are really two lessons to be learnt from this research, both giving the same message. For suppliers and other stakeholders, it is better to get involved as soon as you smell trouble and try to help your customer or borrower. The alternative is highly likely to be a hefty bad debt and the loss of a future revenue stream if the business doesn’t survive.
For owners and managers, get real and get real early while there is still something to save. Insolvency practitioners are pretty skilled at finding value in the most unpromising scenarios, but they aren’t financial alchemists able to turn commercial dross into glittering gold.”