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The big question facing businesses…what are the options now?
Rising costs, financial worries, fears over global politics…it’s enough to put people off ever thinking of starting a business.
Sheffield finance and insolvency expert Ryan Holdsworth says that not only are many people now thinking twice before embarking on a new business venture but that many others who already took the plunge are now thinking about a way out.
“There are so many issues affecting businesses at the moment, most obviously rising costs, especially with the world being as it is at the moment,” said Ryan, a director with the Sheffield office of professional services group Leonard Curtis.
“The past few months have seen the introduction of the new national minimum wage, adding a further level of unavoidable cost for businesses that are already struggling to meet increased expense.
“As a result, directors and shareholders are not seeing the returns they expected and many are reaching that point where they are asking if they are being properly remunerated for the time and effort they are putting into running their businesses.”
It’s at this point, Ryan said, that owners should take a step back and think about what the future looks like for them.
“I advise people to review their position and ask if they want to carry on in the same manner.”
It is at this point, Ryan added, that it is best to seek advice and explore solutions and options.
“There can be difficult decisions to be made but, at the same time, there doesn’t have to be just the one outcome,” he said.
“Sometimes it is enough to simply have the discussion with a person outside the business, an honest conversation with somebody who can see things from a different perspective.
“With the proper advice, it can be possible to turn things around, ease the burden and begin to deliver fresh strategies for successful growth.
“But the longer an issue is allowed to remain unaddressed, the greater the problem is likely to be in the long run and ignoring it will simply add to an already heavy burden.”
To find out more about the full range of services provided by the Sheffield office of Leonard Curtis call 0114 285 9500.
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