There is no room for complacency in business, so it is essential to ensure the correct management procedures are in place to keep good financial control.
In order to help you spot any weaknesses before they become too serious and to put you on the right track to preventing financial crisis, please consider whether you carry out the following management practices as a matter of course:
- You have a current written business plan
- You review costs and overheads as well as sales
- You prepare regular management accounts
- You prepare annual projections and cashflow forecasts
- You review actual performance regularly against the projections
- You prepare and use aged debtors and creditor lists
- You and your co-directors meet regularly to formally review progress
- If you are on your own, you set aside time just to understand your financial position
- You know how much you owe and how much you are owed
You should be as honest with yourself as much as possible about these practices – if some of them make you feel uncomfortable, you should seriously consider seeking professional advice from our specialist insolvency services team now.
The next step
If you would like to discuss our turnaround and recovery services in more detail, please contact one of our turnaround and recovery specialists at your nearest location, or complete the contact form.