For many business owners, their daily life is their business.  They live and breath it


When that business starts to have problems, its very difficult for them to objectively look at their business, take a step back and consider the strengths and weaknesses of the business and the management team.


But, if they are able to do that, it will be easier to see the issues and to find solutions that will work for them


Using specialist advisers will help in that process


We help business owners in this sort of situation and bring an unbiased perspective to the situation, and work with the business owners and management to find solutions that work for them.


Our first meeting is free and we would set out what we can do and the likely cost


As a starting point, here are areas that can be considered by business owners when trying to help save a business, but at some point, outside help will be needed.


In most cases it can be obtained without any long term financial commitment and by bringing in specialists, there will be a much better chance of finding a workable solution


  • Prepare a business plan as that will help highlight the issues and, if prepared with a cash flow forecast, it will highlight any funding gaps.  It doesn’t need to be overly detailed but the thought process used to create it will give a clear vision of the issues in the business


  • Cash is king – look at ways of generating cash as that will allow suppliers to be paid so that they will supply again to keep the business cycle going.  The cash generated can also be used to pay pressing creditors such as HMRC to stop legal action etc
    • are their debtors that need collecting? It’s money owed to you so why not collect it?  It may be that issues need resolving where there are disputes or discounts given etc to enable collection.  Collecting debtor cash is a skill that will need improving as persuasion plays a big part in this process.
    • Are there assets that can be sold that aren’t needed in the business any more ?  Old stock can be discounted. Plant and equipment no longer used can be sold
    • Can assets such as plant and equipment and vehicles be refinanced to generate cash ?  Care needs to be taken that the ongoing business can make the financing payments
    • look at how the business is financed in general.  Should large overdrafts repayable on demand be replaced with term loans to give surety of cash supply and repayment of debt ?


  • Look at your staffing. Are you over or under staffed?  Both will cause problems and if skills are needed, help may be available through funding for training or to support apprentices etc


  • Is it time to change suppliers? That decision may not be based on price. It may be about quality of product, certainty or reliability around supply or delivery.  It may be that technology or the market has changed and therefore you need new suppliers.  Have you considered making the item supplied yourself to ensure quality etc ?


  • Is it time to change customers ?  Are the contracts you are attracting either too big or too small for your business and its plans ?  One of the big issues we see is small businesses growing too quickly and taking on contracts that are too big for them, with long payment terms from the customer that starve the business of cash


At Harrison Business Rescue, we are here to help you find solutions that work

Why not contact us for a free, no obligation chat about how we can help you