Website offers credit crunch advice for directors

Mar 3 2009 by Alun Thorne, Birmingham Post

As sound financial controls become one of the most important factors in ensuring business survival during the current economic climate, BDO Stoy Hayward LLP has launched a new microsite to help companies survive the credit crunch and prepare for the challenging times ahead.

Jo Wright, business restructuring partner at BDO Stoy Hayward LLP in Birmingham, said: “Navigating the downturn can be a very difficult issue for many businesses and a significant number are struggling to survive 2009. We are urging directors to properly equip themselves with the advice and guidance that can help them stay afloat as failure to tackle difficult or uncomfortable issues head on can ultimately lead to the failure of their business.

“We are especially urging businesses to focus on areas of inefficiency or under-performance particularly in the areas of working capital management – getting payment from customers, managing their suppliers and improving their inventory position. While a business can survive for a short time without profits, without cash it has little hope of continuing.

“Our microsite addresses a number of issues that businesses need to deal with to help them stand a good chance of getting through these very difficult times.

“This includes key survival steps, warning signs that a company may be at risk of failure, a working capital management test and a number of other topics to help businesses get through these challenging times.”