Is your business suffering financial difficulties? It may be tempting to bury your head in the sand and hope the problem goes away, however, doing so is likely to make matters worse. The best approach is to take immediate action and to consider the various funding options available. Whether your main problem is tax arrears, creditors or a temporary cash flow difficulties, whilst these are very challenging circumstances more often than not it is possible to keep your business trading and importantly solvent.
Four ways to boost working capital relatively quickly and easily:
- Stock financing – which allows your business to borrow money against the value of stock held on your balance sheet
- Invoice financing – where a third party agrees to buy your unpaid invoices for a fee. A secondary benefit of this method is that this third party also takes over management of credit control
- Property financing – which allows your business to obtain credit that is secured against any land or buildings owned by the company
- Asset financing – which enables your business to secure credit against any assets, including equipment and vehicles
A combination of these measures may also be used to ease the pressure on your business and to improve cash flow.
If you have already considered one or more of these financing solutions and your business is still trading in challenging circumstances, it may be worth considering the various insolvency options available.
Stewart Hindley LLP Chartered and Certified Accountants has a dedicated team of business recovery specialists who will discuss the options with you at length. They will also be able to advise you on the best ways to clear debts or tax arrears and to improve cash flow.
For further information contact us today to discuss your options without obligation.