Current challenges for business owners – don’t remain isolated at the helm
September 8, 2021
There are numerous challenges SME business owners are facing in the current economic climate. The turmoil of the pandemic, coupled with the upheaval of Brexit, have left business owners needing to deal with unprecedented problems all at once. Changeable markets, supply chain issues and cash flow concerns, alongside the increased liabilities from Bounce Back Loan repayments, HMRC arrears and pressure from creditors, have meant company owners must now navigate increasingly unknown territory. With sole responsibility resting on the shoulders of the business owner, these times can feel particularly lonely and isolating.
Personal wealth and your business’s financial position
The deteriorating health of a business that was previously thriving will be especially concerning for business owners when their personal wealth and retirement plans are bound to their business’s financial position. With the onset of the pandemic, the line between business and personal financial security has become even more blurred. Not least with the increased use of personal guarantees to secure funding support, which has made company owners personally liable for defaults on business loan payments. When left fighting these fires on a day-to-day basis, maintaining a holistic understanding of the business’s health, and a strategic view to its future, can prove challenging if not impossible. The worst option for business owners during these times is to remain isolated at the helm, unsure of the best move to make, while their business flounders. Now is the time to seek professional advice and share the load.
Now is the time to seek advice
The good news is that there are many options available to turnaround a business in distress, which a Business Advisory specialist can help you with. This may come in the form of developing a new and revitalised business model, raising finance, organising company voluntary arrangements to repay creditors, or selling the business. The key factor in these situations is time. The earlier a business owner seeks professional guidance the more options will be available to reach a positive and stable outcome. A Business Advisory and Turnaround specialist will work with you to find the best options available to secure both you and your business’s financial future.
Business turnaround webinar
For more information and guidance on these issues, you can watch our webinar from September 2021 where we discuss the signs of business distress and how to address them, and how to best protect both business and personal assets for the future.
To register for our second webinar in the series: Repositioning Business and Personal Wealth – Post Pandemic, taking place on Wed, 13th Oct, 2021, 11:00-11:45am, please click below.