Business Debt Counselling Services and Advice Glasgow

Bankruptcy options CONSIDER YOUR OPTIONS

You must take an objective view of your situation at this stage and be TOTALLY REALISTIC in your appraisal of what you find and where you are heading.

Ask yourself questions such as:

Are you drawing too much from the business?
CAN the business succeed or is it better to call it a day? It takes more strength to call it quits than to toil on for a few months more, using up your remaining cash in the process.
Can I cut costs anywhere: if you employ members of your family then this is a tough question. NEVER employ your family members if you can avoid it, keep it business at all times. Sacking your dad / son / grandmother or favourite uncle can be tough!
Are my premises correct for the business: What about rent / rates etc. Prime location is great if you are doing the business, does your product or service match the location you are in. Selling new Ferrari’s from a caravan is NOT a great confidence builder to prospective clients.
WHY is this happening? Look for factors such as increased competition, customer DISSATISFACTION (has your service deteriorated, phones not being answered), are your products past their useful life (no one wants Betamax video recorders these days do they?).
What has changed since you started out, especially if all has been going well initially?
Are you SURE no one is dipping the till!!!!!!!!
Are you paying TOO MUCH tax, make sure your accountant knows his stuff and is acting for YOU.
Do you NEED to be VAT registered either way, ask your accountant to check.
Are you targeting the right market: marketing is making things or providing services that sell, not selling things you make or can do.
Are your invoice customers PAYING YOU on time? This is a common cause of business distress.

Having appraised your situation you will probably want to do one of the following:

Get out of (that particular) business or staying in business