The steps in brief
Step 1: Recognise the signals and accept your emotions
Recognise the signals in your business that your business is not doing well financially. And try to accept this situation. There are organisations that can help you when things are emotionally difficult.
Step 2: Make an overview of your debts
To understand exactly how high are your debts, you need an overview. So, chart your financial situation and make a plan for your income and expenses. That way you know whether your business still has a future.
Step 3: View the solutions for your debts
Can you solve your debts yourself, or should you use debt restructuring? The amount of debt you are in and your business's legal structure determine which solution is best for you.
Step 4: Get help from organisations
You do not have to solve your debts alone. Get help quickly if you find it hard to manage. Experts and other entrepreneurs are ready to help you.
Step 5: Stay out of debt
Do you have your finances under control again? Then you will want to keep them that way. Use the tips in the last step to stay out of debt.
Personal advice from the KVK Advice Team
Call the experienced advisors of the KVK Advice Team. They help you figure out the next steps for your business. How to get out of debt, or find new sources of revenue. They can give you advice and refer you to organisations in the KVK network. Call 088 585 22 22.