“Help me close down my business”.  One of my least favourite instructions to receive from clients. 

I see the anguish and nights of lost sleep in their faces, and the disappointment in themselves for not being able to make it work.

Good people who have tried to keep the boat afloat for the sake of their team, their people, their family. 

In light of the rising of these instructions, and the obvious mistakes made by clients, just a quick word or two of advice:

• Be open with your family and friends.Tough times that are shared, become lighter.You do not have to carry it all on your own.Your tribe will surprise you if you are open with them.It does not help that you are counting pennies, while mommy is shopping in the boutiques.Tell them!

   

• Rather sooner than later – A client of mine had this wonderful saying, that “Bad news is good news, if you get it soon enough”.This is true especially in these circumstances.The longer you wait, the more the debt will become. The worse the situation at home, if you have not told them yet.This might become an unclimbable mountain if sureties were signed and you wait too long.

   

• Give yourself a fighting chance.There are many options available, if you speak up early enough.See your bank manager about the terms of loans. Business rescue is becoming a good option to survive tough times. Re-negotiate those terms on other agreements.Most suppliers would rather help you to stay open, than to see you close.You are their source of income.Take those tough phone calls, and for goodness-sake do not block your debtors.Keep the lines of communication open.

While the economy is taking strain and we all worry about a possible recession, take the time to work on your business and not just in it.  Speak to specialists and take a good hard look at you business practices.  There might be a lot of room for improvement.