Business is only ever a failure if you've learned nothing.
It is not uncommon for a business to fall into financial difficulty. If yours has, just know that you aren’t the first and you won’t be the last.
Most of the mega companies of the world have huge amounts of debt on their balance sheet. However, there is a line between debts that are manageable and debts that can put the business at serious risk.
It’s always important to know and identify when a business could be at risk financially and understand exactly where you stand personally in terms of responsibility. Sometimes the most unexpected things can happen, for example a global pandemic!
You may not be prepared for the impact it has on the day to day running of your business, but you should always know the financial impact on the business and the impact on you personally, as well as how to correctly manage it.
Don’t know where to start? Don’t you worry, TRDG has got your back. Use the information here but do make sure you also check out the detailed articles in the purple box below. They will help you understand and manage business debt should you fall into financial difficulty and also help you stay away from financial difficulty in business. Read through them, build your knowledge.
Be seen as a priority payee
Businesses need cash, that’s their lifeblood, they need money flowing in as quickly as possible. Some businesses are able to get money in quicker than others, have you ever wondered why that is? It’s because they have a great credit management process in place. The better your credit management process, the more chance you have of your business surviving.
You can sell as much as you want but if you are not getting paid, there’s no point selling. We have an article which is very important for you to read, it will help you understand the importance of a credit management process and separating business from friendships. Jump to the purple box below where you can click through to the article.
We want to hear from you
We love a small business success story; it never makes us happy when we see things go wrong. This is why we try and create content that can help the little guy just trying to make it. Sometimes our content deals with a bad situation, other times it's to plan ahead and future proof.
We want to hear your business story, how you overcame financial difficulty or what you learned to help or inspire others. Drop us an email with a brief overview and we will contact you to get more details and your story could feature on our site.
As always, we’ve got a collection of articles below that we think will be beneficial to you. Don’t give up on your dreams to have your own successful business even if it didn’t work out this time.