A cash flow forecast is a useful tool to predict how much money you will have in your business each month.
Basically, a Read more
A cash flow forecast is a useful tool to predict how much money you will have in your business each month.
Basically, a Read more
Your business credit score is an important factor when it comes to obtaining finance. Loans and new credit accounts with suppliers are dependent on a sound credit score, and there are Read more
It’s not a pleasant process when you or your company become bankrupt, but it’s by no means the end of the road for you as a businessperson. You could become an employee for a number of years until your bankruptcy order is terminated and then start up another company.
There is nothing stopping a bankrupt person starting up a new business after bankruptcy. You may be disqualified from being a company director for a number of years, but you can still start a business as a sole trader or partnership.
It may be difficult to obtain credit or loans if you are personally bankrupt or the director of a bankrupt company. This can make it difficult to obtain the necessary capital for a new business.
If you are in partnership with someone with a good credit record, you may find credit easier to obtain.
There are alternative ways of starting a business. If your business idea and plan are sound, you may be able to find investors interested in funding the business.
You could start a consultancy business or service-based one that requires little finance to get started. You may be able to work as a self-employed subcontractor for a large business and not need much operating capital.
The Bankruptcy Order will remain on your credit file for six years or more, after which you can slowly build up your credit rating.
Many businesses go bankrupt due to poor financial decisions. If you start another business, avoid this by using a financing outsourcing service who can look after the recording and administration of the finances for you. Use an accounting service that can advise you on how to maintain a healthy cash flow.
One strategy for a healthy cash flow is to make extra sure you get paid on time. If possible, limit the number of credit customers, and remember that a good outsourced financial service can take over the collection of payments for you.
Although bankruptcy is not a good experience, your career or business life can recover. Many successful entrepreneurs have had business failures from which they have bounced back from. Among the people who have headed bankrupt companies are Walt Disney – who went on to become a multimillionaire with his own empire – and current US President Donald Trump.
If a person or organization owes you money and is late paying, there are several steps you can take to collect the Read more
Most businesses have some form of debt, and this is nothing to be ashamed of. However, if a business struggles to keep up with its debts and they keep on growing, there will be a limited time before it becomes insolvent.
The answer to the question about Read more
Many businesses have debts, such as money owed to suppliers or loans to repay. As long as debts are managed well, however, they do not have to threaten the financial health of your business.
Here are five ways to Read more
If your business has many debts and is suffering from low cash flow, debt consolidation may be an option. Provided you have a full understanding of what it entails, there are many advantages of Read more
Credit control is the process of making sure that your customers pay you – and ideally on time.
Many businesses allow their Read more
Many very successful large companies have, in their early days, nearly gone bust. Read more
Bankruptcy is a legal declaration that a company cannot pay their creditors and needs to cease trading. The bankruptcy process can be initiated by a company or by one or more of its creditors. However, there are alternatives that may save a company from bankruptcy.
A company may be able to Read more