It is very tempting in the current “abnormal” circumstances to ignore the warning signs that a business may be heading into difficulties.
But there is no telling for how much longer the current pandemic restrictions will continue and much of the support offered to businesses has been in the form of loans, or extensions to payment deadlines, that will have to be paid back.
Ignoring it all in our experience does not make situations go away, merely postpones the inevitable reckoning or actually makes the situation worse.
Directors need to continue with their monthly management accounts reviews, their checks on their balance sheets and their revenue generation despite the current circumstances.
They also need to understand their duties and liabilities.
Things may be grim, but there is still help out there.
K2 Partners has a number of guides to help businesses available in the Knowledge Bank of the Online Turnaround Guru website. They cover everything from dealing with debt collection to maintaining good communication with the bank, the essentials of directors’ duties and managing stress and anxiety.
There are also several helpful Board Briefings in the Resources section of the K2 Partners website.
Crucially, there is no need to behave like an ostrich and bury your heads. We are available if you need help and support or just someone to talk to.