How do you know if YOUR Business is Financially Secure?
See what our friend Richard Sorsky, Managing Director at Gable Asset Finance, has to say about warning signs, resources and identifying the steps to take if you find your business is in need of rescue.
You can reassure yourself that your business is financially secure here – spend a few seconds looking at this checklist. If you know the answers to all the questions below, you are more in control of your business than many business owners or managers – congratulations.
If you DON’T KNOW the answers, make it your business to find out today:
- Are you are slow or late to pay invoices?
- Do you clear debts by lump-sum payments on account?
- Do you make payment by post-dated cheques?
- Do you leave paying old invoices until you need delivery of a new order?
- Do you use disputes to delay payment?
- Do you use numerous suppliers to increase the level of credit availability?
- Is your business largely reliant on one customer?
- Do you have to borrow heavily to keep the business running?
- Do you have a lot of outstanding debtors or potential bad debts?
- Are you unsure how much money you owe, and how much money you are owed?
- Do you often receive final demands from your creditors?
- Are you facing court action by suppliers?
If you’ve answered yes to any of the above can you – being absolutely honest with yourself, put forward a solid business reason for your answer.
If you can’t, or if you’ve answered yes to a number of questions – take advice now. Your existing lawyer or accountant may be a good place to start, but if the solution requires formal insolvency or rescue, you will need to talk to an independent licensed insolvency practitioner.
These are only warning signs, not confirmation of a real problem, But, they should never, ever be ignored.
The next step
By realizing that problems are looming, you have already taken the first step; you should contact a specialist.
Act quickly if you are facing financial difficulties – a Company Voluntary Arrangement or Company Debt Advice may rescue your business and be a solution to mounting debts, depending on the circumstances. If you think that a customer is experiencing operating or financial difficulties that may leave you with potential bad debt, you should seek professional advice, and find out more about the action you can take.
A company debt advice caseworker can advise you – a first consultation is always free. Save yourself a lot of worry and money.
About, Patty DeDominic
After decades of building own multimillion-dollar enterprise, Patty became an angel investor and business consultant. Today she is a no-nonsense, fun-loving Business Coach for high achieving teams. Two of Patty’s business clients in the past few years achieved unicorn status ($1B), many are on the Inc 500 fastest growing companies list and boast over 38% annual growth rates.
Patty founded and built PDQCareers & CT Engineering, the 600-employee Recruiting/Engineering Outsource Contracting firm doing business across the USA and in 3 countries (Japan, the Philippines, and Jamaica). She successfully founded, then acquired companies and after placing over 250,000 people she sold in 2006. That business and former clients are now part of America’s largest specialty staffing supplier, Employbridge.
Some of her chairmanships include: The LA Chamber of Commerce, the National Association of Women Business Owners and the Foundation for SCORE.org where she helped start the private million-dollar fundraising projects.
Patty also worked closely with Dr. Jane Goodall, as a board member and chair of governance to scale the Institute and expanded to over 60 countries with Roots & Shoots, a network of kids making a difference for their communities, the environment and animals. She loves her animals including chickens and donkeys and today she gets to live in the “country” on Wings Ranch in Santa Barbara county.
Patty DeDominic is a business coach to businesses exceeding $10 million in annual sales. Named CEO of the Year by the Los Angeles Business Journal, she also received a Lifetime Achievement Award from two United States Presidents and built, grew, then sold a 600-employee firm that is now part of a billion-dollar staffing leader.
https://www.dedominic.com/strategy or text me at 805 453 7490 to see if we can help you find more than a few hundred thousand hidden in your business. We did with 4 new clients this quarter. My goal is to help clients net one million more before year end!