Many times we receive calls from business owners/CEO’s that their companies are in serious financial distress and they are unable to pay their bills when they are due and/or unable to make the next payroll. When this occurs, we often wonder why they waited so long to get help. Serious financial problems rarely occur overnight and the early warning signs of financial distress often appear months and sometimes years before the crisis occurs.
It has been our experience that these business owners/CEO’s need to consider seeking professional help if their companies miss a quarterly budget. At this early stage, relatively minor adjustments can be made that could put the company back on track. The longer a company waits to address these problems, the greater the problems become, losses begin to mount and the solutions become more limited, drastic and costly.
Business problems rarely solve themselves. The key is to spot potential problems early and implement solutions quickly. Do not wait for the business fairy to come along and sprinkle magic dust on your company that will make all your problems disappear. If you aren’t sure if you have a problem or if you need help crafting a solution, get professional help quickly. Getting an experienced professional on your team at an early stage can make all the difference. Do not wait until the crisis is upon you.