When a business is in a degree of trouble, it can distract those responsible for it from being vigilant. Sometimes individuals react to mounting pressure by working harder instead of working smarter. They can suffer from serious stress and may be very reluctant to talk about their difficulties. Such a response is understandable, but it is not the most effective way of turning things around.
At Cooper Matthews we have a lot of experience and know those directors who seek assistance from business debt services relatively early give themselves and their firms a better chance of coping than those who procrastinate.
It is not easy to be calm when the loss of a business is a possibility. Years of hard work are at stake. It is also common to deny the reality of the situation. It is hard to accept that something which might have been a brilliant idea might not have proven to be quite so brilliant in practice.
If action is taken in good time then salvaging the situation is more likely than if debts are permitted to stack up for whatever reason. It is critical to be decisive. By getting the right help at the right time, company recovery may be on the cards. Avoiding a winding up order may be the first step in the road back to eventual prosperity.
Many now successful firms have flirted with disaster. It is imperative not to be fatalistic or deluded when times are very tough. It can be tricky to do the right thing, but not doing it usually has worse consequences.