Business Debt Help & Advice
Debt is often described in negative terms. But borrowing money, or ‘taking on debt’, isn’t necessarily a bad thing. Manageable debts, that you can comfortably pay back over an agreed period, are often necessary in order to take that next step in life.
It’s only when debt repayments become unmanageable or unaffordable that debt becomes a problem.
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Business debt is often necessary to cover startup costs such as equipment and office space. The hope is that revenues are sufficient early on to service the debt, but it’s not always this simple.
No matter how well you have planned your business, there is always the chance of finance problems, especially during the first few years when your business is developing and growing.
As a business owner you can often suffer cash flow problems through no fault of your own, that place a strain on your finances and make debts difficult to pay back.
Common causes of business debt:
- Unpaid invoices hampering your business cash flow
- Cancelled orders reducing revenue
- Unexpected business costs
- Changes in market conditions resulting in lower revenues
How to stay on top of business debt
Even if your business has the potential to trade successfully there can be a serious risk of being declared bankrupt. You may be able to reduce the chances of this happening by taking some of the following steps:
- Speak to the people you owe money to, about spreading your repayments
- Sell non-essential company assets
- Reduce your overheads – for example by downsizing or relocating your office
- Cancel non-essential business subscriptions, such as memberships of trade bodies.
If you struggle to manage your business debt and become insolvent, it’s illegal to continue trading and your business may end up in bankruptcy.
Take action before this happens. Our advisors can work with you to find the best possible debt solutions for you and your business. Together we can find a way to ease your debt worries making sure your make the correct choice for your and your business that will allow you to continue trading.
Call us now for immediate and confidential free debt help & advice or complete the form on this page.
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Our Insolvency Practitioners have over 70 years’ combined experience