Having helped both individuals and businesses throughout the UK for almost a decade now, the Leeds, Harrogate, Bradford and Darlington-based teams here at Walsh Taylor understand the stress that financial pressure can bring.
The onset of financial pressure can often result in failings in other areas of a business. As all available time and energy is taken up with dealing with the problem areas, product quality, customer care and staff morale can all decrease. The company then enters a vicious cycle, and one where resolving all company’s problems can seem insurmountable. Addressing issues and getting help early on increase the chances of a positive outcome.
Though each organisation is in a different situation, there are several tips that can help when dealing with financial pressure.
Here are just a few of these:
Identify what the real problem is
Before injecting more capital into a business that is struggling it is important to identify what is the real cause of the issue. Is it poor quality control or customer service or inefficient use of resources? Insufficient sales volume is often stated as the reason behind financial pressure but in some cases the issue can be more deep seated.
Review business costs
When working with clients to restructure their companies for a strong future, our licensed insolvency practitioners at Walsh Taylor evaluate the triggers that initially caused the financial pressures to mount. One that commonly arises during this process is business costs. Changing suppliers, cancelling services that are no longer required or reducing spend on supplies can provide some quick wins.
Be realistic and plan
When tackling the causes of financial pressures, be honest and realistic on what can be achieved in and in what time frame. Setting unrealistic goals will only increase stress and pressure on the team. It is easy for directors to feel like they are constantly ‘firefighting’, i.e. going from one task to the other whilst simply trying their best to keep up. Investing some time to plan and delegate where possible will result in more being achieved.
Small steps make a difference
Often the culmination of issues that need to be resolved seems overwhelming. But small changes and improvements do make a difference and can also have a positive effect on staff morale.
Get the help you need
Business owners can tend to be unsure of what to do first when they find themselves under financial pressure. The earlier help is sought the greater the options available to the business. Walsh Taylor has assisted hundreds of businesses over the last ten years and has a reputation for providing bespoke solutions to businesses across Yorkshire and the North East.
There is no charge for our first meeting or initial advice, so if you are in need of Walsh Taylor’s assistance, please do not hesitate to call today on 03300 244 660.