Keith Steven, Company voluntary arrangement expert, turnaround practitioner, business strategist and author of the UK's leading web site for distressed companies - www.companyrescue.co.uk
Top Ten Directors' Insolvency Warning Signs
- Fire fighting - you don’t get your work done because of lack of focus.
- There is a lack of business / accounting information or wrong information and you often end up concentrating on non-essential issues.
- “Compartmentalising" problems - in other words do you deal with one creditor or business critical problem and ignore others? And think you made progress overall?
- Do you blame the:
4.1. Bank;
4.2. Creditors;
4.3. Debtors;
4.4. Accountants;
4.5. Advisors;
4.6. Everyone but YOU for your cashflow pressure? - You don’t have a business plan. Your company doesn’t have regular team, management and board meetings. The team does not know what to do.
- You company has arrears of tax, PAYE and VAT. This is a test for insolvency.
- You don’t like changes. You don't want to change the way of doing things to improve your business.
- Directors are taking big salaries and expenses. ("It's my business anyway!") Even though the company cannot afford it.
- You think that one more sale, one more new contract, one big customer payment will solve the cashflow problem? (It won’t).
- You bounce cheques becuase the cashflow is not controlled. You should control cashflow every day, ask us for a free easy to use Excel spreadsheet if you don't have one. Email me for your copy keiths@ksagroup.co.uk
It is a lonely place to be when a business becomes distressed. So get early advice from turnaround or insolvency practitioners; the sooner you talk to an expert the quicker they will provide help and solutions. Most good firms will give an hour of their time free.
DO NOT ignore the problems they will not go away unless you take proactive steps to deal with them!
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