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  • Give yourself time to think, with the Debt Respite Scheme
  • Preserving your future aspirations in the face of unmanageable debt
  • How sustainable is your debt situation? Your credit report reveals all
  • Strategies for achieving financial freedom from debt
  • Understanding the differences between bankruptcy in England and Wales, and in Scotland

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    Building financial resilience into your business

    Mr Bankruptcy

    26th April 2022

    Over the past couple of years, the financial resilience of many businesses will have been severely tested and with challenging times still ahead, it’s not too late to take a look at how you can build financial resilience into your organisation.

    What is financial resilience?

    Financial resilience is about the ability of a business to adapt to survive and recover from unpredictable events that can lead to financial problems.

    The ability to weather such shocks is a good indication of long-term viability and success because the leadership of a resilient business is likely to be forward thinking and to have plans in place to mitigate the impact of a “shock to the financial system”.

    Insolvencies are likely to rise in 2022 as businesses are now battling rising costs, so building long-term resilience has become more important than ever.

    Key steps for building financial resilience

    Unexpected events can, and do, happen at any time. While there are measures you can take right now to prepare your business for immediate problems, as we discussed in How to protect your business from financial difficulties, it’s never too late to begin thinking about the future.

    Every business is unique, and each sector is more susceptible to some threats than others, so your resilience plan need to take this into account. But there are some common steps that all businesses can take to build long-term resilience:

    • Identify risks. Not many of us would have considered a global pandemic as a risk until it happened. Taking the time to consider risks specific to your market or the global economy will highlight potential threats to your business and force you to face your vulnerabilities.
    • Analyse the business impact. Understand how each of these risks could impact on your business so that you can prepare and mitigate against the effects.
    • Understand your financial situation. Understand your cashflow, where your revenue comes from, debts etc. to ensure you maintain a good understanding of your financial situation and where it would feel the pressure most.
    • Write a plan. Use the information from your risk analysis and understanding of your financial situation to create a plan of action. Understand how and when your plan would be implemented and inform the key people needed to make it work. Don’t forget to review your plan regularly in line with changes to your business and the market you work in.
    • Balance growth with stability. Build for the future but don’t over stretch yourself and create risk by not being able to adapt to a reduction on revenue or increased costs.

    We may not be able to escape financial surprises but financial resilience will help protect against worse case scenarios and ride them out.

    James Rosa Associates

    James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:

    • Insolvency support
    • Negotiated settlements
    • Personal assisted bankruptcy
    • Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Find out if you qualify for a free consultation

    If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

    Don’t ignore the signs of insolvency

    Mr Bankruptcy

    5th April 2022

    It looks as though 2022 will be another challenging year for business, with even more pressure being put on their financial situations after what has already been a tough couple of years.

    The realisation that things may not improve much, if at all, this year is going to be difficult for many business owners to come to terms with. But what happens next may not be as bad as feared.

    Insolvencies are increasing

    During the last quarter of 2021, the number of business insolvencies was 18% higher than the previous quarter, and 51% higher than for the last quarter of 2020. In November of last year, insolvencies in England and Wales were at their highest level since 2019.

    This year, business face rising inflation and rocketing fuel, energy, materials and labour cost, as well as continuing problems with supply chains. For many already on the brink of unmanageable debts, this year could simple be too much financially for them to recover from.

    How to spot the signs of problem debt

    If your business is in financial difficulty, you may already be feeling the kind of pressure and anxiety that is common among those dealing with a debt burden. But there are other signs to look out for that can indicate troubles ahead, including:

    • Lack of cashflow
    • Inability to pay bills on time
    • Customers are paying bills late
    • You are losing clients
    • Inability to get lower rate interest deals, loans or credit cards
    • Falling profit margins

    Identify your next steps

    I know how difficult it is to get to get to grips with debt; I have my own personal experience of debt. My years of experience as a debt advisor also inform me when I’m supporting and advising businesses and individuals who are getting to grips with their own debt problems.

    I know what it’s like to take that difficult first step of talking to someone about debt and then finding the support I needed to help me take back control of my circumstances.

    The reassurance I want to offer here is that help and support are available to help you manage your financial situation and your mental and physical wellbeing, which can be severely impacted because of the stress and anxiety debt causes.

    No matter what your debt situation is, it’s never too early or too late to seek advice. This can reveal the options available to you that give you the reassurance you need to take action.

    James Rosa Associates

    James Rosa associates is a firm of debt advisors and debt adjustors. With a supportive and friendly approach, we offer a full range of advice and professional services to individuals and business owners/directors who face unmanageable debt or who are involved in civil or commercial disputes. Our services include:

    • Insolvency support
    • Negotiated settlements
    • Personal assisted bankruptcy
    • Mediation

    We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.

    Find out if you qualify for a free consultation

    If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk to find out whether you qualify for a free consultation.

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