The scourge of the credit crunch is that so many businesses and individuals will go to the wall. If advice is sought early any problems highlighted in a business can be addressed and the business rescued or turned around. A business rescue can either be done internally via the management or by the use of external professionals.
Solicitors and accountants with expertise in business rescue are hard to find. We are well placed to assist in this way, though. The crucial thing is to take decisive action in a timely manner. Delay is often fatal to the success of your business. Hard decisions need to be made. Often the hardest of those is the initial phone call to ask for help.
Once called in we will look at the business plans that were originally prepared to see if they are relevant to the existing business or that going forward. If not, they will need to be re-written. Suppliers and customers will be contacted to explain the situation, as it is better to be up front with those who will be affected before they have the opportunity to be disaffected, by failed payment or something similar. They will be asked to help with the business rescue by extending terms for payment and paying early for delivery.
Costs will be reviewed at every level and where savings will be made they can. Staff that do not offer value for money or add to the bottom line in terms of productivity will be asked to leave.
Smarter, leaner, and more driven, the business will go forward. It may be that the shell the business was housed in can be left behind, but the key will be to preserve the business itself. For this reason we may suggest administrations, where this will assist. The heart of any business rescue is early intervention: the earlier the better.
If you would like to talk to a business rescue specialist in London then enter your details into the web form below for a no-obligation chat.
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