Advice for Dealing with Business Problems


Identify problems early

Use our early-warning checklist or our tool to assess the health of your business and know which areas you must address first.

Act early

Our golden rules provide some quick tips that apply to any business in trouble.

Get advice

Our page of where to get supportcan help you get the objective assessment of your options you need to make the right decisions.

There's always a way out

Whatever course of action you decide on, limiting the damage now will help you save resources for the future. If your business cannot be saved, an orderly retreat is the next best thing. It will help when it comes to preparing the ground for your next venture.

Check our page on Some inspirationyou will learn about others that didn't make it the first time and yet were able to rebound after a bankruptcy.

Golden rules

When problems arise - and they inevitably will - they need to be tackled, not ignored. Here are a few golden rules for dealing with them successfully.

Rule 1 - learn from your mistakes Be honest to yourself and recognise your mistake. They are a great source of knowledge and you can turn them to your own advantage

Rule 2 - act early Don't let problems get worse - it's easier to solve them at an early stage and cuts their cost to your business

Rule 3 - watch out for opportunities - don't miss them Focus on the core problems - forget the trimmings

Rule 4 - the worst decision is no decision Don't let others decide your company's future for you

Rule 5 - keep talking ... to your creditors, business partners, employees and family. You will need their support.

Rule 6 - check which rules apply to you Make sure you stay within the law - blind hope and ignorance won't protect you from legal consequences and could get your business shut down sooner that you thought.

Rule 7 - get professional help / advice you don't turn your business around everyday, it's not your expertise. Get support from those they do.