The importance of cashflow and seeking early advice

A piece in the Independent earlier this month outlined results of a poll which found that a third of Britons think they have an idea that could ‘make them millions’.

Though the reasons as to why these have never been actioned vary, with some citing the expense of modern living and others a lack of time, one additional thing was clear: 43% of those surveyed say they would like to start their own company.

As outlined here, the start-up boom in the North West may have slowed in May, but over the past couple of years there has been a huge rise in the number of start-ups across the UK.

This growth in our entrepreneurial culture has increased the importance of the role of licensed insolvency practitioners, such as Walsh Taylor, in assisting clients with their financial situation; finances are typically tight among start-ups and managing cashflows is crucial.

Taking into account that generally around half of companies are said to fail within the first year, what can be done to reduce this figure?

Walsh Taylor has rightly said in a past article that there are lots of reasons, particularly relating to cashflow, why organisations do not do as well as they would like. Many of these factors can be completely beyond the control of business owners and directors.

With that being said, one common situation that we have seen time and time again is business owners leaving it too late to seek help. The longer finances are left to spiral out of control, the less options there will be once expert advice is finally sought.

If you are based in Yorkshire or the North East and would like any assistance, please feel free to get in touch with one of our Leeds, Harrogate, Bradford and Darlington teams today.

You can do so by either calling 03300 244 660 or emailing confidential@walshtaylor.co.uk.