It is important to be able to seek counsel and take advice. A director, owner or manager at the helm of an insolvent business is in a pressure-cooker environment. When the wolves are at the door it is nearly impossible to make correct decisions. It is vital that somebody with fresh eyes looks at the business from an independent and dispassionate perspective.
The business owner or manager struggling to meet financial commitments should try to deal with their lenders and creditors as openly and honestly as possible. You will be amazed at the goodwill that such a policy can generate. The ability to effectively communicate your current and projected financial position is vital in gaining the time necessary to bring about the recovery of your business. When you cannot give your creditors payment within terms, give them the courtesy of the truth.
Any recovery plan that does not have all staff members completely behind it is doomed to fail before it starts. The forthright communication required for your bank, the Revenue Commissioners, and your other creditors is even more important when dealing with your staff and co-workers. Unless the business, and all its stakeholders, pulls together, there is little chance of recovery. Adopting a positive attitude is one of the primary duties of owners and managers as the tone for everything the business does is set from the top down.