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Recovering from Financial Distress

Jul 7, 2020

Financial disaster is a risk that business owners face. Often through no fault of your own, a business can fail, and finances can be lost. Things far beyond your control, like financial crises in other countries, or global pandemics, can have a catastrophic effect on even the most profitable and sustainable businesses.

With all the will in the world, if the situation is dire enough, businesses will fail, and people will suffer financial hardship. But there are things you can do after a financial crisis to get back on your feet.

The first think to do is acknowledge the situation you find yourself in, however painful it might be. Then you can move forward and take stock of your finances. Making progress requires a clear understanding of the depth of the problem. You need to know exactly what you owe, what you have, and how much you bring in. Then you need to come up with some SMART goals. They must be specific, measurable, attainable, realistic, and timely. For example, setting yourself the goal of reaching a specific per month income, one that is not beyond the realms of possibility, and giving yourself a deadline, is a SMART goal. Setting the goal of becoming a billionaire in 5 months is not.

Spend time developing a plan of action. This may involve getting in contact with someone like Corporate Funding Limited, where we have experience in coming up with successful strategies to keep you in business, no matter how severe the financial crisis has been.

Then, you have got to take action. Its sounds simple but it is often a huge stumbling block. Whether it be giving us a call or not, you must take the plunge and start the process, otherwise things will never get any better.

Before you contact an insolvency company, put yourself at the mercy of your bank, or just cease trading altogether, give us a call.

Specialist Providers of Credit re-Financing, Stock Finance, Debtor and Asset Re-Finance, Creditor Settlements, Company Lifeboats.

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