And if the poo is about to hit the fan…

When you are eight weeks away from bankruptcy then it may well be too late. You owe too much and can’t see a way back, you are under-resourced and you are under-delivering and it feels like you’ve run out of time.

You are probably being dishonest with suppliers, customers, staff, the bank, yourself and your husband/wife/partner. The only answer seems to be to borrow more money.

The reality is that you may be clutching at straws. So, at least be honest with yourself and your partner. Be warned, most bankrupt people live on their own; their partner and children have long since gone because they can’t cope with the deceit and lies (or delusion and illusions).

There is no shame in bankruptcy. In fact, it may be better to go bust now than try and keep the business limping on for another few months. The relief is immense – you hand over all your debts and your assets to someone else to manage. No more bailiffs or irate customers or staff. No more debts. It ceases to be your problem. And you can go and get a no-brainer job like stacking shelves in a supermarket and you will receive all that you earn (after tax and National Insurance).

No more worries at night – you can spend time with the kids or do all those things you’ve not got round to for years: paint the spare room, walk the dog, visit your mum. Sounds pretty good to me.

The Actions

Now is the time to step back and review the business (performance to date, the potential to grow) and put together a simple plan (one page maximum) to get you onwards and upwards. Stop procrastinating. Decide what you are going to do and do it, but do it properly. Stop playing around the edges… be decisive and take action.

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