What If… Things do get tight?

If things look to be getting a bit tight, payments owed to you are not received, the bank overdraft is trading outside of terms or monies for loan repayments are not there…now is the time to keep the lines of communication open with your bank and other lenders.

You will be far better off by taking the initiative and calling the bank/lender to advise them that this month you will needs another 7 – 14 days to meet a repayment, the overdraft will be over the limit due to … i.e. I was late getting an invoice off to company A, therefore monies that would normally be received by the 15th, want arrive until the 30th.

At the end of the day, ‘people deal with people’; it is only when one party has not heard from another, or phone calls go unreturned that people will think the worse. Don’t avoid an issue, especially in this current climate – face challenges that arise for your business head on, communicate to let others know there will be a problem and why.

Most businesses will strike issues from time to time, it is not unusual for this to occur – don’t feel embarrassed, just let those people who will be affected know and commit to resolving the issues by a set date and work hard to ensure that this date is met.

The banks will ‘flag’ you and your business as being responsible and managed correctly – it will not impact on future lending requirements, in fact it will be taken as a positive when assessing a new loan application.

Our staff is more than happy to assist you in this task, let us know and we will formally advise the banks and lenders in writing on your behalf. We will negotiate satisfactory terms and assist you every step of the way. Our responsibility to you and our lending panel doesn’t cease until the each loan is fully repaid in full – utilise our relationships with lenders to assist your business through difficult times.

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