In a live radio interview on BBC Radio, our Corporate
Recovery and Insolvency Partner, Jeremy Oddie, has warned businesses to get
help at the earliest possible stage if they are starting to come
under pressure from creditors.
In an interview particularly focusing on the UK's
struggling high street, Jeremy Oddie (also R3 Chairman, North West
Region) outlined several key strategies that businesses must
undertake to ensure their survival in 2012.
You can listen to the full BBC Radio
interview here - (1:09:00 to 1:16:08)
Crucially, all companies must have a 'Plan B' in case their
primary strategy starts to fail in the difficult trading conditions
that currently exist.
Secondly, if your business is struggling, get help at an early
stage as there is support available. Often, if recovery specialists
are contacted, it is not too late to act to save the company. If
you wait until the last minute, then it may be too late to help
you.
Involve your creditors. By being open and transparent with your
lenders and landlords, often you can find an alternative short term
solution. If you keep your creditors out of the loop, they may
start to panic. It is important to remember sensible landlords do
not want to lose your business and debts can often be renegotiated,
so talk to them.
Finally, keep control of your own sales. Don't sell to someone
who you think is never going to pay or is in a difficult situation
themselves.
If you would like some advice about your business situation from
Mitchell Charlesworth's Corporate Recovery and Insolvency team, complete a quick
enquiry form or email: jeremy.oddie@mitchellcharlesworth.co.uk
at the earliest possible opportunity.