What are early warning signs of financial difficulty?
If you think your business is showing early warning signs of financial difficulty, it's important to act quickly. If your business becomes unable to pay debts, your options can become very limited.
We understand that every business can have difficulties from time to time. Our Lending and Arrears Management team or your Relationship Manager are here to help.
We can talk through your situation with you and will do all that we can to help you overcome your difficulties. Please don't hesitate to get in touch. Our team will be sympathetic and positive.
You can email our Business Support team at SupportingSMEs@co-operativebank.co.uk.
Have an early and open conversation with us if you see any of these early warning signs:
- Performance issues
- Negative cashflow without good reason
- Reducing profitability/increasing losses
- Adverse performance against budget or your business is unable to predict performance
- Reduction in turnover/order book
- Late or missed payments to suppliers
- New projects/acquisitions have led to you taking on extra debt
- Late or missed payments to the Bank or you are concerned about meeting scheduled repayments
- Business needs to look for new sources of funding
- Employees are leaving or management structure is changing
- Missed reporting obligations
- Breached covenants
- Accounts not filed on time
- Negative rumours in the market about the viability of the business.
Changes to the ways a business operates are not always a sign of financial difficulty. However, it is important to speak to us if you're unsure.
If appropriate, you can view our range of lending solutions here.