News Releases
|
 |
Get your business in shape for 2008
Published on: 13 March 2008
Many business analysts are predicting that 2008 will be a particularly tough year for businesses of all shapes and sizes, and there is certainly some evidence of this already in the market place. Carl Faulds, Managing Director of Portland Business Recovery, strongly recommends that businesses make it their New Years' Resolutions to take action now to avoid disappointing and possible disastrous results for 2008.
Portland Business Recovery is a top 10 independent business recovery practice dedicated towards helping companies and individuals facing financial difficulties. As one of the largest independent business recovery firms in the south, it deals with in excess of 100 corporate business recoveries each year and Carl says: "In the vast majority of the cases we deal with, our involvement even at a time of financial crises, results in there being a continuing business."
The practice is owned and operated by five directors and has 35 staff located at offices in Fareham, Poole and London.
The Portland ethos is to provide clients with constructive and practical answers to problems and Portland will work through a business rescue package with business owners, or assist individuals with the procedures for proposing a voluntary arrangement to creditors as an alternative to bankruptcy.
Carl suggests that the New Year is an ideal opportunity for SMEs to carry out their own business review and plan for the year ahead by asking themselves the following questions:
1)Do you have sufficient accounting information to run your business efficiently and do you use it?
2)Is your business overly dependant on a small number of suppliers, with your fortune dependant on theirs?
3)How much money is tied up in providing credit to customers and do you have an efficient and effective credit control process?
4)Do you talk to your staff and is your staff turnover and morale consistent year-on-year and in line with other businesses in your industry?
5)Does your business focus and specialise in your area of expertise or has it diversified beyond its core competencies?
6)Do you have a clear pricing strategy which is reflective of your position in the market place?
7)Is the management structure and workforce within your business aware of and supportive of your future business goals?
8)Do you have a contingency plan in place in the event of a major disruption to your business and is this plan reviewed and updated on a regular basis?
9)Is your business maintaining the underlying principles, ethos and discipline that led to its original success?
10)Do you keep a close eye on your cashflow and investigate any wide variations in trends?
If you ask these questions honestly and don't like the answers, Carl says do something about it! Ignoring a problem is not usually the answer and with tougher economic times ahead, relying on good luck to solve a problem is unlikely to work.
If you are not sure what to do, get professional help and make sure your business is on track and that 2008 is a happy one.
|
|
Print this page ]
Back