Sometimes businesses hit a seasonal cash crunch, receive an unexpected major repair, or lose a significant customer. The business may be sound, but it needs time and money to recover.
Your business partners, investors, bank, and trade suppliers want to know you are heading in the right direction. You may need to provide them with additional financial reporting, a cash flow forecast, business plans, and more.
If the issue is serious, you may need to consider additional financing, negotiating an informal repayment schedule, or selling surplus assets.
When you see early warning signs, the best thing you can do is to speak to a professional advisor about your business before it’s too late.
Find out how other individuals have used financial restructuring to solve their financial problem.
I got behind on filing my tax returns and once I filed and after penalties and interest I owed three times more than I thought I would – and I couldn’t afford to pay it.