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Safeguarding your business against insolvency

Published on 9th July 2018 - Last update on 8th January 2019

A healthy cash flow has always been the hallmark of a sustainable, growing business venture. It empowers you to cultivate new skills, acquire vital equipment, maintain day-to-day operations and even gain a foothold in unexplored markets. But if your business stops earning a reliable income and starts making losses, the effects can be devastating. Seeing the business you’ve built fall into insolvency is heartbreaking, but there are steps you can take in order to prevent internal issues escalating to this point. You can turn things around, providing you know how.

Create a plan

Although it's easy to let the management of your business take up most of your time, you should always make an allowance when it comes to planning for financial distress. Proactive financial planning is an absolute must and should take into account any factors that could adversely affect your business. So as well as identifying your short- and long-term goals, you need to consider everything from cash flow pitfalls, stock prices, tax and utility bills, new hires, staff training, ageing or damaged equipment to the broader economy, local competitors or even natural disasters. Only by being aware of what challenges might lie ahead can you tackle them effectively as and when they arise.

Identify signs of distress

As soon as you’re aware of any problems on the horizon, making sure that your business has access to the right guidance and support is essential. If you or your senior staff fail to take prompt action, the situation can easily escalate into falling profitability. Left unchecked, closing your business’ doors for good becomes a real possibility. However, regardless of whether the problem involves decreasing sales, rising operating costs, staff wages or a lack of customer engagement, this doesn’t need to be the end of the road. For many UK businesses, the key to resolving these issues is taking the time to explore what Working Capital Finance has to offer to give your business the foothold it desperately needs.

Supporting your business with Working Capital Finance

Whenever you decide to apply for finance, you need to move forward having made a well-informed decision. Working Capital Finance is a specialist package designed to help businesses overcome the issues that they’re facing by offering access to Merchant Cash Advance, Invoice Finance, Overdraft Replacement and Asset Refinance. Although the required criteria vary between products, you’ll usually need to provide lenders with cashflow forecasts, profit and loss statements and your balance sheet. So if your business needs access to capital at short notice, you don’t need to suffer in silence.

Having a hard time supporting your business?

At any point in your development, you may run to problems regarding your business’ finances, sometimes through no thought of your own. Regardless, taking affirmative action before or as soon as a crisis strikes is crucial. So rather than letting the situation get worse and hoping that it will eventually go away, applying for Working Capital Finance could be what your business really needs to move on and get back on the road to success. All you need to do is source an appropriate agreement for your business.

At Rangewell, we’re an Access to Finance specialist who have mapped over 400 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide you through the application process. We’re with you every step of the way. So if you need help supporting your business’ finances, apply for Working Capital Finance today or find out more with Rangewell.


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