Businesses don’t collapse overnight. Long before the situation gets out of hand, there are obvious signs of financial problems that should act as red flags. When you see those signs, you need to react quickly. Corrective measures to save your business are more likely to succeed if problems are addressed early on. But where do you start? Here are the 4 steps involved in a simple, realistic and effective business recovery and restructuring strategy.
Recognize the ProblemThis is undoubtedly one of the hardest steps. Admitting that your company is facing serious problems that can jeopardize its survival is not easy, but it is the first step towards solving those problems.
Call on the ExpertsIf you are concerned about your financial problems, don’t wait another minute before calling in the recovery and restructuring experts. Choose a team of consultants dedicated to serving companies. With their expertise, these advisors can guide you to the best ways to solve your problems regardless of what business you are in or how big those problems are.
Take Professional AdviceYou will begin to see things more clearly starting from the very first meeting with a recovery and restructuring specialist. The sooner you follow the professional advice offered to you, the sooner you start stacking the odds in your favor.
When you work with a firm of professionals, you get all the support you need while seeking the best solutions for your business. With your cooperation, a qualified financial recovery professional will:
- Identify problems
- Evaluate and submit corrective measures
- Design a recovery plan to improve performance and profitability for your business
- Intervene on your behalf with creditors and other stakeholders (financial institutions, shareholders, employees, etc.)
- Initiate and monitor the process of reorganization and/or restructuring of your business
- Ensure implementation that’s optimal for success.
Be Open to ChangeYour business recovery and restructuring advisor may offer you innovative and original solutions to help you regain control of your finances or set an entrepreneurial growth strategy in motion. Listen to these ideas and be open to the changes they involve. Finally, in the event of insolvency, your advisor will direct you to the best ways to maximize the value of your business.
BLT Lapointe & Associés Inc. on the South Shore (Brossard, Longueuil, etc.), the North Shore (Blainville, St-Jérôme, etc.) and in Granby, designs custom recovery and restructuring plans for companies. Our team is made up of skilled, conscientious and discreet professionals who care about your success. We can help you. Give us a call.