Often one of the major obstacles preventing SMEs from growing, or in some cases surviving, is the lack of available finance. Even those with the right credit history don’t always get the help they need from the major banks.
New research published by the accountancy practice Wilkins Kennedy shows that retail insolvencies were at their highest level in 2013 for five years. The figures highlight that despite the economic recovery, the number of retailers falling into financial difficulties continues to grow. For the year to the end of March 2014, 1,287 retailers became insolvent.
When a company requires corporate recovery advice or enters the insolvency process, it shouldn’t necessarily mean the end of the business. In many instances, the company remains viable and could be saved through a process of restructuring.
Even if you have the world’s greatest products or services, and even if you have the world’s greatest business model, your business will never succeed or be profitable if it doesn’t get paid for what it sells.