There is no easy answer to the question “Is it too late to save my business?”. There are so many contributing factors that need to be taken into account before being able to answer this question. 

In a lot of cases the answer is no, however it comes down to the resources available and the commitment level from the businesses stakeholders in order to turnaround the business so it is once again growing and producing income. 

If your business is struggling, the best advice we can give is to speak with a consulting firm that specialises in company turnarounds. These firms have experts that can do a basic assessment of the situation during an initial consultation and provide you with options for moving forward. 

Often further investigations into the company are required to provide a more thorough assessment but most firms will only proceed once an agreement is in place to utilise their services which is only fair due to their involvement and commitment needed to help you. 

If you are already asking yourself “is it too late to save my business”, then your company is most likely already in a distressed state. The quicker you seek outside help, the more options that will be available for a successful turnaround. 

The longer that a company goes without help, the worse a situation becomes. Normally because cash levels are depleted, creditors are becoming hostile, banks are preparing to call in loans, or staff morale is so low that effective work and and positivity are long gone. 

In situations where it may be too late, don’t overlook the value of getting professional advice before calling in administrators or liquidators. There may be ways to save parts of your business or ways to protect yourself, your family and your assets. 

At Yessam, only a small majority of our clients are at a stage where it is too late. However, we are still able to help them by giving advice and working with them to implement strategies to minimise the impact on their future.

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