My business is in difficulty

J

Jessie mc

Registered User
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1
Hi,

My business has been quiet since Xmas. My bills are starting to come in. I'm now behind on my business rent. My reps payments and now my Revenue bill has come in €3.000. I'm so stressed as at the moment only able to pay staff wages. Nothing to take home myself. Contemplating closing down. Worried so much about Dept that will be owed. Sick with worry. Any advice please.
 
What does your accountant say?

If you are in a retail business and get paid up front and don't have to pay creditors for a few months, you might have an unprofitable business.

A lot of businesses fail. Get professional advice immediately.

Brendan
 
Jessie mc said:
Worried so much about Dept that will be owed. Sick with worry. Any advice please.
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Look after yourself first.

If your problem has a solution, why worry?
If your problem doesn't have a solution, why worry?
 
First things first. Can you reduce staff costs? Can you talk to your landlord about a reduction in rent? You need to look at the figures and see if the business is profitable. There’s a money makeover template on AAM - I wonder is there a business version? Cash flow issues can sink a business but more important to look at the bigger picture
 
Getting sick won't help you. As Brendan says, get professional advice. Don't bury your head. Talk to revenue and explain. They are reasonable if you are making the effort. Just don't have them chasing you. Talk to your landlord about the rent and explain. Maybe the business is not viable but buy yourself some time to figure it out. The important thing is to communicate with people. You would be surprised how reasonable people can be if you keep them informed and they know you are trying
 
If you want advice from here you will need to post more detail.

If this is a current Revenue bill, ring them on Monday, tell them you are having cashflow difficulties and you will get back to them with a payment plan soon. Then don't worry about Revenue for at least a month. Use the month wisely to understand your position and make decisions.
 
The worst thing to do is try to limp along without addressing what hit you into this position. Get advice immediately. Also you need to avoid reckless trading.
 
DeeKie said:
The worst thing to do is try to limp along without addressing what hit you into this position. Get advice immediately. Also you need to avoid reckless trading.
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OP is a sole trader, so reckless trading has no applicability. Or rather, the OP is already trading without the protection of limited liability.
 
If there’s no protection of a limited liability structure all the more reason to act urgently. Sorry for missing that point op. Previous poster is correct.
 
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