A recent survey by Markit has indicated that the British service sector had a very poor August. Its performance slowed at a rate not witnessed for about a decade. Meanwhile, figures compiled by the British Retail Consortium suggested that there has been a 0.6 decline in retail sales. Growth forecasts have been trimmed by a range of institutions including the IMF.
At Cooper Matthews we understand that trading conditions are very difficult at the moment. Understanding the context enables us to deliver advice and solutions which have the capacity to deliver the goods.
While economists are divided about the best way forward, many UK companies have been having a very difficult time. Even if a further round of quantitative easing is introduced, it will take time to have a positive effect. Nor would any reduction in taxation be likely to have a significant stimulating effect in the short term. Those companies which have racked up business debt should know they are far from alone.
Business financial problems are a bit like those affecting the economy as a whole in that they are not amenable to quick fixes. Nonetheless, company debt problems can be dealt with efficiently if one uses an experienced insolvency practitioner. They have the capacity to analyse the situation and can help a firm with the solution that is most appropriate to its needs.
Part of keeping afloat in difficult times comes down to attitude. Perceiving that there are many other good companies in similarly awkward spots can help in the cultivation of a determined mindset.