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Building a business back up after debt problems

After all the stress of getting through serious debt problems, the last thing any business owner wants is that feeling of just about scraping along.  As any good business advisor will tell you, there are things you can do to help your business to grow which don't require paying out vast sums or incurring more debt.

Make a plan

We've all heard this one but that's because having a plan really is so very important.  It is not even that sticking to the plan is so vital, it's taking the time to thoroughly assess everything so you can make one that is the most important part.  When you plan how to move forward in your business, you have to take stock of where you currently are and where you would like to be.  That's the basis you need to start with to work out how to get there.  You will need to evaluate what you have done before to see what has worked and what hasn't.  Having such a thorough look at everything will allow you to plan how you can save money, how you can streamline your operation and how you can bring in more business.  It's worth taking the time to look at all these areas separately and together for a good overall picture.

Don't be afraid to ask

Once you have your plan, you do not have to keep it to yourself and your business partners.  It's worth talking to your staff about proposed changes and ideas because they might not just have interesting insights into it, they might also have skills and experience you weren't previously aware of that could be helpful in going forward.  It's always worth talking to customers about what they want from your business and what they think you could improve but suppliers can also give valuable input on how your ideas compare to your competitors or other businesses they deal with.  If you are really unsure about whether your business plan is the best way forward for your business, it could be worth enlisting the help of a professional business advisor for a short period of time to help you get back on your feet.

Use what you have

Having said that, outside resources can be expensive and you may have more at your disposal within your company than you think.  This goes back to the planning stage where you need to thoroughly evaluate what you have at hand be that software, equipment, or staff.  It can often be possible to repurpose what you have and use previously untapped attributes in your staff to create new opportunities and drive the business forward.  Once you have your business plan, it is worth seeing what you can do with what you have and if you could make any tweaks to the plan to make this easier.

If you are still struggling with debt and need some help to get to the recover stage, we can help.  We work with businesses with debt problems to find the best solutions and take all the worry of dealing with creditors off their hands.  Give us a call on 01323 446644 or email for a no obligation consultation to find out how we can help you resolve your debt issues to get the best possible outcome for you.


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