Recognising the signs of impending insolvency can be crucial for any business. While each situation is unique, there are some common indicators to watch out for:
1️⃣ Declining Market Share: A gradual decrease in market share or worsening market conditions can signal trouble ahead.
2️⃣ Financial Incidents: A sudden and significant event, such as a formal demand for payment from a creditor, can trigger a rapid descent into insolvency.
3️⃣ Communication Breakdown: From an external perspective, slowed communication and unanswered emails, especially when the company was previously communicative, can be a red flag.
4️⃣ Management Shuffling: Frequent shifting between layers of management without real resolution, not just related to finances, may indicate internal turmoil.
5️⃣ Deteriorating Service Standards: A decline in service standards often accompanies a slow descent into insolvency, and key management staff may start leaving.
If you notice any of these signs within your business, it's essential to take proactive steps to address the financial challenges you face. Don't wait until it's too late.
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