Phil MeekinView Profile
Once you know your business has a sound financial base, then you can move forward
Sometimes, despite your best efforts at making a long-term, comprehensive plan for your business, something comes “out of the blue” throwing everything into disarray. Like the Credit Crunch. Bad debts, plummeting sales, and a famine in the availability of commercial finance have left many previously-good businesses reeling. Instead of dealing with the rosy position you had planned for – you’re fire-fighting.
Panic sets in. But quite often, a second pair of eyes – professional and objective, will help you see your way not just to survive the recession but actually to come out of it even stronger. The first priority is survival.
Take advice about the shape of your company– nobody knows a business better than its owners but sometimes you can be too close to a problem. At Wilson Field we specialise in business turnaround. Our staff are forward-thinking and creative, offering a fresh, commercially-aware approach to resolving problems. We will do everything possible to help you turnaround your business. Our staff are approachable and will explain what options are available and how they are likely to affect your business.
Where it is evident that a business is basically sound but where its future is uncertain in its present format, we can help restructure businesses which may include arranging finance.
The way forward …batten down the hatches or go for it?
Trading through a recession is not for the faint-hearted. Planning is even more important during and coming out of recession. You need to balance your enthusiasm with realism. Once you know your business has a sound financial base, then you can move forward and consider:
- Marketing – the temptation during recession is to cut back all overheads, but is the very time you need to undertake market research and explore ways of bucking the trend –drop poor-selling lines, introduce new ones, diversify.
- Set goals and targets and outline how you are to achieve these
- Monitor results and take action based on your observations
- Always remember that “cash is king” so make sure your company has sufficient working capital to fund your plans
- Do you need to raise finance? Would it be feasible / desirable to attract private investors ?
But, above all, before you embark on any ambitious new plans you need to be certain that the existing financial strength and structure of your business is sound.