Is your company experiencing financial difficulties? Though it might feel that way, the situation isn’t necessarily hopeless. After all, a company in debt is not always doomed to bankruptcy.
In many cases, financial difficulties are caused by an ineffective management model. By doing business with a qualified trustee that listens to your needs, you can establish a financial recovery plan that stabilizes your situation. The procedure is comprised of 4 main steps. Rest assured that our financial counsellors will support and accompany you throughout the process.
A Recovery Plan in 4 Steps:
- Determine your company’s strengths and weaknesses
- Analyze the market and the competition
- Develop a recovery plan
- Implement recovery measures
Determine Your Company’s Strengths and Weaknesses
Before establishing a recovery plan, you need to first assess your situation by identifying your company’s strengths and weaknesses.
What are the strengths upon which you can and should build? You also need to look at your weaknesses, as you want to understand the underlying cause for your losses.
This analytical work, done jointly with your trustee, will allow you to draw up a plan that is adequate and adapted to the reality facing your business.
Analyze the Market and the Competition
You should also get some perspective by looking at the external environment:
– Who are your clients?
– What are their expectations and needs?
– Who are your key competitors?
– What are their competitive advantages?
– How do your competitors respond to demand?
Develop a Recovery Plan
Once the analysis is complete, the trustee will be able to make a diagnostic of your financial health and, from there, suggest some recovery measures.
Getting advice from our financial recovery counsellors is a true asset to your company’s survival. Our counsellors are qualified and are there to listen to your needs. They will guide you on the best strategy to adopt for improving the financial situation facing your company. They will advise you based on their expertise as well as according to your own financial situation. Maximize your chances for success by opting for a plan that is thorough and adapted to the reality of your business.
Implement Recovery Measures
Our counsellors can accompany you not only in the development of a plan but also in its implementation. They can ensure a healthy collaboration between your financial partners as well as members of your company.
Some Recommendations for Implementing Recovery Measures:
- Respect fixed deadlines.
- Make sure that the measures are implemented in every department of your company.
- Make the necessary modifications to the plan in the case of any surprises.
- Once the measures have been implemented, track the changes in and progress of your company’s financial health.
Call on the Experts for Your Financial Recovery Plan
Take back control of your finances and make an appointment today with one of the financial counsellors at N. Séguin Inc. The first consultation with us is free, totally confidential and obligation-free. Call us!
Already gone through a recovery plan and not happy with the results? Consult our other sections for more information on alternate options:
– A business proposal: This alternative consists of negotiating with creditors to readjust the payment amounts by prolonging payment deadlines and stopping the payment of interest.
– Commercial bankruptcy: This alternative consists of ending all your business activities and freeing yourself from your debts.