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Helping with your well-being - advice for insolvent entrepreneurs

The freedom of being your own boss and making your own choices is what drives many people to set up their own businesses and become entrepreneurs.  These individuals are the backbone of the British economy and are the evolution of our nation of shopkeepers.

Entrepreneurs are by their very nature optimists, otherwise they wouldn’t have the confidence to set up their own businesses.

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Taking back control

Taking back control

What is credit control and why is it so important? Put simply, credit control is the practice of making sure your customers don’t take too long to pay you. This is really important for the cashflow of your business.  With most businesses you have to pay out for a large proportion of your costs e.g. wages and rent before you are paid for the products you have made.  Businesses therefore need working capital i.e. cash reserves to bridge this gap.  

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Forewarned is forearmed

Forwarned is forearmed

Trustees have, if they know what to look for, a number of warning signs that can alert them to potential financial difficulty within their organisation.   In this second of a series of articles looking at how the charitable and not for profit sector can survive the ongoing economic stagnation, Stephen Goderski, Head of Advisory at PKF Littlejohn Accountants and Business Advisers, explains what Trustees should look for.

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Trustees roles and responsibilities and the necessity for accurate up to date financial information

Trustees roles and responsibilities and the necessity for accurate up to date financial information

In the first of a series of articles looking at how the charitable and not for profit sector can survive the ongoing economic stagnation, Stephen Goderski, Head of Advisory at PKF Littlejohn Accountants and Business Advisers, explores the vital role that trustees should play in monitoring the robustness of their organisation’s financial performance.

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How to survive losing a customer

How to survive losing a customer

Whilst a number of advisory practices have been quick to jump on the bandwagon of the recent Carillion disaster and its potential knock-on effects in the supply chain by advertising their services, this article will try and provide some useful pointers on the wider reaching implications businesses face when they lose a key customer and some practical tips on how to deal with it.

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Is my company insolvent?

When a company is facing difficulties, the earlier the business owners seek help, the more time they and their advisers have to turn the business around, refinance or sell. This protects management, employees and the company’s key shareholders.
 

It’s crucial that business owners recognise the warning signs that their business is in trouble.  This step-by-step guide can help you identify potential issues while there’s still time to resolve them:

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A 'healthcheck for your business

Is your business in the best possible shape?  Are you making the most of the opportunities available to you? Here are five things to think about:

1. Review your business plan

Your business plan (assuming you have one) should be a living plan, reviewed on a regular basis and not just written when you first started your business and then quietly put in a drawer. If you haven’t even got a plan, now’s the time to prepare one.

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Aiming for growth

In this article, we will look at how you can grow your business in a structured way.

Planning is key

A business plan is, in essence, a roadmap for your business. Like a map, it will help you towards your destination - whether that is tripling the size of your business in the next year, selling the business within five years, or establishing a business that you can work in for a lifetime.

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