The causes may vary. Most often they lie in the past, often a long way back, and have crept in gradually, so that connections with the present day may have been lost.
Along with external factors such as payment ethics, current labour and social security legislation and tougher guidelines on credit, there are also internal factors, including a lack of management accounting, financial shortfalls, inadequate credit control, and poor management performance where transparency and communication are concerned, all of which will inevitably lead to crisis.
The diagram shows companies' areas of activity according to time and opportunity.
On the whole, it is true to say that the sooner you identify the early warning signs, the more options you will have available to you. Whatever phase you may be in, restructuring is not an everyday business activity and almost always requires professional support. As well as thinking of your business, you also have to consider your responsibilities towards your employees and their families, and to your own family.
We can help guide you, we will determine your position and work with you to plot a new course. We'll stay on board until you're back in safe waters.