Your employees are the engine that powers your business. Regardless of the sector or niche you operate in, they’re the backbone of your success and have a direct impact on the client experience, business growth and revenues generated.
When the outlook seems bleak, the pressure to make enough money to survive can feel all-consuming. You may even be considering throwing in the towel entirely due to mounting debt and persistent requests from HMRC and other creditors.
Whether your team is just a couple of people strong, or you employ a headcount of a couple of hundred, any cash crisis your business faces has the potential to spiral into a staff crisis, too. Rumours of job cuts and redundancies can be extremely unsettling, especially in the current high inflation, high cost of living climate.
When times get tough, it’s very easy to feel that you’re alone as a small business owner. Financial worries and the fear of whether your business can survive the storm can be isolating and make it hard to think clearly – at just the moment you need to be at your sharpest and most confident.
If your business isn’t making enough money, it’s in danger of becoming a statistic. Half of all new businesses fail within the first three years, but even past that stage, many businesses continue to battle for survival.
If you’re serious about scaling your business, you’ll naturally consider a merger or acquisition as a strategy for growth.
Growing your business and creating stability requires a continual focus on profitability. Bringing in more revenue doesn’t happen overnight, and it can feel like everything is continually changing direction on you.
No business is immune to the threat of a cash flow crisis. Even the most successful businesses are all but guaranteed to face a glaring disparity between incomings and outgoings at some point. It’s as predictable as your annual tax bill from HMRC.
If your business is struggling, it can feel like challenges and problems are flying at you from every direction. Your sales team might be missing their targets. Your production team may not be working efficiently, resulting in missed orders or late shipments. In-fighting, cutbacks or a lack of clear leadership could be hurting morale, resulting in unhappy, disengaged and unmotivated teams.
