Directors can handle a lot themselves, but there are moments when professional help pays for itself many times over. Knowing when to reach for it is part of running a company well.
An accountant or bookkeeper
If your numbers are unclear or your forecasting is shaky, an accountant can quickly give you the accurate picture every good decision depends on. This is often the first and cheapest professional to involve.
A turnaround adviser
When the business is fundamentally viable but needs restructuring — costs, contracts, financing — a turnaround specialist can bring experience you do not have in-house and a plan creditors trust.
A licensed insolvency practitioner
If insolvency is a real risk, a licensed insolvency practitioner can explain your duties and options clearly. Speaking to one early is prudent, not defeatist, and can open rescue routes you did not know existed.
Free services such as Business Debtline can also point you to the right professional — Business Debtline gives free, confidential debt advice to small businesses and the self-employed at businessdebtline.org or on 0800 197 6026.
We lend only to UK limited companies and LLPs, and the loan is to the company with no director personal guarantee. As business finance outside the consumer-credit regime, it is not covered by the Financial Ombudsman Service or FSCS.
See also: Can a third party or accountant deal with us on your behalf?, Understanding business insolvency options, Where to get free business debt advice.