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Posts Tagged ‘business financial problems’

A summer of stagnation

Wednesday, October 12th, 2011

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.

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The stigma of debt

Tuesday, September 27th, 2011

Sometimes businesses do not face up to their financial problems fast enough. This can be for a variety of reasons. Sometimes individuals do not wish to see the truth about their financial affairs because of shame. They may damage their chances of having a company debt rescue due to their hurt pride. British society has not always had a healthy attitude to failure and some business people have internalised this.

At Cooper Matthews, we know that distressed businesses come in all shapes and sizes. Their problems are the consequence of a plethora of reasons. Often these reasons interact with one another in complex ways. Particularly during periods of economic instability, businesses problems can emerge which are unconnected with the performance of individuals within the specific organisation concerned.

Business financial difficulty has affected the lives of a multitude of eventually successful entrepreneurs. If a company has been losing money, it is time to learn lessons. It is not a good time for denial. This means that it is crucial not be mistaken about the meaning of debt. It is natural for a firm to accumulate some debts. Being unable to handle them does not reflect on the industriousness of a director or a workforce.

Sometimes ignorant people associate business financial difficulty with profligacy or even a lack of integrity. This reflects basic misunderstandings of how business works. The important thing is to keep trying and not to give up. Even when an outfit seems doomed, if the right advice is obtained swiftly something might yet be salvaged.

company debt rescue, business financial problems, business financial difficulty

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Dealing with debt requires speed

Sunday, September 18th, 2011

In recent times, individuals, businesses and entire countries have all been struggling with debt. A certain amount of debt is often both necessary and acceptable, but it has to be managed with care. A lack of prompt action is often the trigger for serious and less than pleasant outcomes. This can be seen to be the case whenever there is a relationship between a debtor and a creditor and where the former fails to satisfy the demands of the latter.

At Cooper Matthews, our experience tells us that the difference between resolution of debt problems and serious difficulties is frequently the speed with which the issue is addressed. Business debt is more complex than personal debt so seeking our assistance at an early stage is often a very shrewd move.

It is unfortunate that a stigma is still attached to debt issues. Acquiring debt is a natural part of entrepreneurial activity. When the economic climate is tough, it is not surprising that many firms find it difficult to cope with servicing their debts. Small mishaps can also contribute towards business financial problems. If a serious illness affects a director or if a significant contract is terminated, any difficulties can be exacerbated.

Business debt advice has to be sought quickly when the evidence indicates it is necessary. Nonetheless, it must be obtained from a source which is of a high quality. Free debt advice services in the UK are currently overstretched and in any case do not have the capacity to help with debts generated by the trading of a commercial enterprise.

business debt, business financial problems, business debt advice

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A SME is vulnerable to financial problems

Tuesday, September 6th, 2011

Any advanced economy needs thriving small businesses, but small businesses can easily get into financial trouble. If a supplier goes bust or if a large order is cancelled, a SME can soon acquire business debt. Business debt advice may be necessary so that disaster can be averted.

At Cooper Matthews we are accustomed at dealing with business financial problems and have the expertise to assist firms in financial hardship. By looking at the difficulties closely, we can often help companies take the necessary steps to get them back to a secure footing.

An SME is often particularly vulnerable to business financial difficulty because it does not have as much capital in reserve as a larger firm may do. It may also find it more difficult to obtain credit when compared to a more sizeable enterprise. In addition, absenteeism due to illness can have a profound effect on the fortunes of a small business. In contrast, a large company can find replacement staff in a trouble free manner.

When an economy is underperforming, it is often small companies which are at the most risk. Some of them are set up in times of plenty and do not remain viable when circumstances become less favourable. Furthermore, a small firm is often more exposed to external shocks than its larger counterpart is. A rise in commodity prices may be hard for a SME to deal with. Any company which is affected by serious financial problems should certainly seek specialist help fast.

business debt, business debt advice, business financial difficulty

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Some debt advisers won’t touch business debt

Thursday, August 18th, 2011

There are many agencies out there which can help an individual deal with their business financial problems. Some of them are even free. However, most of these agencies are only equipped to provide advice in relation to personal debt. Company debt problems are much more complex than those associated with balancing an individual’s earnings and spending patterns. Hence it is imperative for directors of distressed companies of all sizes to seek out experts to assist them.

At Cooper Matthews we have considerable experience in providing comprehensive assistance to businesses in difficult situations. We appreciate how hard trading can be in harsh economic climates and understand how it can be tempting to call it a day. However, in many cases a firm’s fortunes can be turned around if the right measures are taken in time.

The main reason why some debt advisers refuse to help people with debts derived from business activities is that they lack the skills to do so. Even the debts associated with a small operation can be of a complicated nature. Furthermore, the paths out of the difficulties are not always as straightforward as they are for individuals.

A company can emerge from a very awkward spot if it can take advantage of the various options available to it. Which options are suitable can be related to things such as turnover, business type and employee numbers. It is obviously the case that some of these factors are simply not relevant for individuals with personal debt dilemmas.

business debt, company debt problems, business financial problems

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Facing up to business debt

Tuesday, August 9th, 2011

It is amazing how highly intelligent individuals can sometimes refuse to look at growing personal debt. Part of them simply hopes that the problem will disappear of its own accord. Another part of them wants for something ill-defined to turn up. However, while they delay, their bills accumulate and the interest on their loans takes its toll. It can be a while before some of them make the necessary adjustments and a few unfortunate people leave it too late.

At Cooper Matthews we are aware that the odd entrepreneur also refuses to respond properly to mounting difficulties. It is understandable that individuals struggle on when they have put so much in to a company. However, a SME which may be a viable business can fail if company debt problems are not addressed in time.

It is thus a priority to keep tightly focused on how a company is faring. A business is too valuable a thing to waste. After scrutiny, if it seems that a firm is in trouble, it is best to seek specialist assistance. Instead of despairing, it is advisable to get the perspective of an experienced outsider. They can assess the situation in a clear way and may be able to offer solutions with reference to how to get out of the mire.

Many British businesses are understandably finding it difficult to make profits in this protracted period of economic uncertainty. However, there are ways forward for many embattled businesses if they are lucky enough to have access to high quality information and relevant advice with regard to their business financial problems.

business debt, company debt problems, business financial problems

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Sole traders and debt

Saturday, July 30th, 2011

Business bankruptcy never reflects well on those in charge. Some may find themselves barred from acting as a director for any other UK-based company for a period of years, and having run a business that was eventually forced to declare itself unviable can make it hard to move on and find another position. However, the assets of a limited company are considered separate from the director’s assets, so their homes, cars, and personal savings are quite safe in most cases.

The consequences of business financial problems can be far more severe for sole traders. Legally, their businesses are not considered separate, so if they fail and have incurred debts that can’t be paid, the owner’s assets are considered ‘fair game’. They are personally liable and the business bankruptcy is their bankruptcy too.

This makes it all the more important for sole traders to manage their finances effectively. Business debt analysis should be undertaken at every stage, to make sure both the trader and their business are protected from failure. Some sole traders also choose to register their businesses as limited companies in case serious problems do arise at some point in the future. This works as a preventative measure but it won’t cure existing issues.

If you are a sole trader and you think that your business might be in trouble, get in touch straight away. We can help make sure the problem doesn’t get any worse and in many cases we can help prevent bankruptcy and all the personal difficulties that come along with it.

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Cooper Matthews Can Help Convert a Personal Guarantee into a Bank Loan

Thursday, April 21st, 2011

Cooper Matthews, a leading provider of business debt advice and solutions for small to medium businesses requiring financial advice, can help a company director convert a personal guarantee into a bank loan should they go into liquidation or pre-pack administration.

Cooper Matthews is a business debt advice specialist that can provide support and guidance to small and medium size companies. Cooper Matthews can help any company with an annual turnover of £50,000 to £10 million, and can provide business solutions, such as winding up petitions, voluntary liquidation and time to pay arrangements.

When a business goes into liquidation or pre-pack administration a company is required to fulfil the personal guarantee which is commonly signed by the company director. Cooper Matthews have successfully negotiated with banks to help companies in similar predicaments to convert their personal guarantee into a loan.

A spokesperson for Cooper Matthews commented: “Over the years we have helped many of our clients convert their personal guarantee into a business loan which has helped a company director to personally repay any company debts. Our services can also help to ensure personal assets are not seized by the bank. We have a range of highly qualified business advisers that have experience in business financial problems and are dedicated to ensuring our clients receive the best service for their needs.”

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Ignore debt problems at your peril

Tuesday, April 12th, 2011

If you are experiencing business financial problems, you are by no means alone. Many entrepreneurs around the UK and elsewhere are being stretched to their limit. For this reason, you should not necessarily feel as though you have failed.

However, if you do not take the appropriate action to deal with your business debt now, you are storing up trouble for the future. It can be tempting to simply ignore the difficulties for as long as possible. After all, you have built up a reputation you want to uphold, and admitting you have a problem might be something you are desperate to avoid.

Also, you may well have many people relying on you. As well as any staff members you employ, there are also your family members to think about.

But if you do not address the issues, you will suffer in the long run. The more you delay seeking business debt analysis, the more severe the difficulties will become. For example, if you are unable to keep up your repayments to creditors and you let the situation slide, your levels of business debt will continue to rise, eventually leaving you with a potentially impossible task to deal with.

Therefore, you owe it to yourself, your workers and your loved ones to be proactive and take matters in hand. And you will find that as soon as make such steps, you begin to feel less pressured and more able to cope.

There is nothing worse than living in the long shadow cast by unmanageable debt.

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Debt problems have a broad impact

Sunday, April 3rd, 2011

When you consider business financial problems, your first thoughts might well turn to numbers, bank accounts, angry phone calls from suppliers and creditors, and other issues directly related to your firm. However, one of the most worrying aspects of business debt is the fact it has such a broad impact on people’s lives.

So, if you run a firm and find you fall into financial difficulties, it is not just your 9-5 working day that is made tough. Virtually every aspect of your life will be affected.

If you do not start to deal with the difficulties in the most appropriate way, perhaps by contacting a specialist business debt analysis provider, such as us here at Cooper Matthews, you might well start to find that as well as your professional relationships, your personal relationships begin to suffer.

For example, you may try to keep the problems to yourself and consequently build up a barrier that prevents you from feeling close to your loved ones and you run the risk of becoming ill-tempered and distracted when you are around them. This can have a devastating impact on your partner, children and anyone else you care about.

Meanwhile, because of the extra stress caused by business debt, your health may suffer. For example, the risk of high blood pressure, cardiac arrests and strokes are known to rise when people find themselves under considerable levels of strain.

So, before debt pulls your world down around you, make sure you seek sound advice and begin to tackle the issue proactively.

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