Although it does not necessarily herald the end of a small business, decline into insolvency can bring significant changes in company structure, operations and management style.
It’s worth checking your company for characteristic signs that, if spotted and acted upon early enough, could help you to steer the business away from danger.
Here are 8 early warning signs that indicate your small business could be heading for financial trouble, and the actions you can take to overcome them. (more…)
If there’s one piece of advice to hold above all others while running your business, it’s this: cash is king.
It doesn’t matter how much you are selling or the size of your profit, if your business doesn’t have enough cash to pay staff and suppliers you are in big trouble.
Even successful and profitable businesses can be struck by cash flow problems because as they grow, more working capital is tied up in the business.
Without proper cash flow planning good businesses can suddenly find they don’t have enough money to buy resources to fulfil the orders coming in.