While the government continues to support citizens and businesses feeling the affects of the pandemic, other sources of support are always beneficial. After all, many businesses continue to face challenges as the economy recovers. Like many others, if you find yourself with a flow of red ink, these free sources of information are available to support you and your business:
Your Banker
Your financial institution is dedicated to keeping you as a customer and they have a vested interest in seeing your business succeed. Even if you don't have an operating line of credit with them, book an appointment with your commercial account manager to get to know them. Take the time to explain any business issues to them and consider their feedback and advice. Your banker has connections to a wide network of professionals; if your situation requires specialized advice, they can provide a referral!
Accountants and Bookkeepers
Accountants and bookkeepers also have a keen interest in your business. These finance professionals, who usually charge by the hour, have spend significant time and money to acquire you as a customer and want to share in your success through future engagements. Most accounting professionals are happy to review your finances and projections. Then share their advice or make a referral to another trusted source.
Vendors
Your suppliers need and want you to prosper as well. Don't be afraid to reach out to your suppliers to have frank discussions about the state of your business. As salespeople, their first reaction (most likely) will be to help.
Industry Trade Groups
Peer mentoring is an invaluable service within the same industry. Similar companies, in non-competing markets, can frequently share ideas for the mutual benefit of all members. A single good idea can make all the difference!
With their complimentary webinars and resources, TEC Canada is like having access to a mastermind whose sole purpose is to help you and business. There are many similar business peer groups out there; many have access to world-class speakers who have been presenting free webinars for public consumption.
Finally, don't forget that if you find yourself in an untenable financial predicament, Canada has legislation to protect you and give you a fresh start. It's called bankruptcy. The term bankruptcy or insolvency conjures negative images and feelings for everybody, but remember bad things happen to good people.
As a collection agency, when we see bankruptcies, it means the business owner did the responsible thing and has taken the first step to recovery. As a trade creditor, this message might be tough to hear, but sometimes it's the only way. Unfortunately, it costs money to go broke. Therefore if you feel there are no viable alternatives, there's no shame in speaking to a licensed insolvency practitioner about options.