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Make it your business to know when your business is in trouble

| Jul 17, 2017 | Business Bankruptcy |

As a Wisconsin business owner, you likely have already survived various challenges and stressful situations along your path to success. In fact, if you think back to the days when your business was merely a hope and dream inside your mind, different obstacles probably arose that caused you to doubt whether you’d ever be able to make your dream a reality. If you ponder what helped you overcome those situations, several characteristics, such as perseverance, diligence, ambition and knowledgeable decisions, may have been high on the list.

The thing about business is that solving one problem doesn’t necessarily mean you’ll never face another. One could say that problem-solving is a much needed skill in the business world as new situations often develop or arise unexpectedly that call for informed decision-making and sheer determination to succeed. Most business owners would agree that financial problems are often the most challenging to resolve.

Recognize warning signs and have options at the ready

You can stay one step ahead of the game if you research the top warning signs that your company may be headed for financial trouble, as well as what types of options may be available in a pinch to access resources that can help you avoid disaster. Following is a list of common signs that a business may be on shaky financial ground:

  • Careful review of your company’s balance sheets may be crucial to financial success. If you notice a pattern where you’re losing money each quarter, it’s a clear sign that you may be headed for serious financial problems.
  • If your company typically has enough funds leftover to pay bills and keep creditors away, it’s a good sign. If not, it’s a definite warning sign that should beckon your immediate attention.
  • Ratio calculations (whether acid test or other) can help you assess your company’s current ability to satisfy its debts.
  • If your company would not fare well in an audit, you may want to reassess your financial plan, including how you book revenues, and come up with ideas for improvement.

If you find yourself in a situation where you have an immediate need to discharge debt, you may feel quite stressed and overwhelmed. The same types of skills and characteristics that helped you launch, build and maintain a successful business for so long may also help you avert financial disaster. Clear thinking, perseverance and knowing where to seek support are invaluable attributes for any business owner trying to stay afloat in troubled financial waters.

Others in Wisconsin have sought immediate debt relief and developed solid plans for restructuring their businesses and moving toward restored financial stability by reaching out to experienced debt relief attorneys for guidance.

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