Survival of the Fittest

Marshall Peters – Survival of the Fittest

It is an often quoted statistic that around 80% of start up businesses are doomed to fail, which is possibly why most of the funding and mentoring support is aimed at this sector, but what happens to businesses which survive these early years? When you take into account that small businesses represented 99.3% of all private sector businesses at the start of 2016 and 99.9% of these were small or medium sized (SME’s) it is hardly surprising that more of these business owners are looking for additional support to continue trading, and thereby contributing to the economy. Total employment in these organisations was 15.7 million, 60% of all private sector employment in the UK. with a combined annual turnover of £1.8 trillion, 47% of all private sector turnover in the UK.

Given these figures alone it is essential therefore that in order to sustain a robust economy there must be mechanisms in place to ensure that should such organisations experience difficulty they have access to trusted professional advice.

One such company offering trusted, professional and expert advice is Marshall Peters Ltd. Marshall Peters are specialists in corporate rescue and turnaround and have a distinguished track record in this field having been established since 2001. Their licensed insolvency practitioners are based in the heart of Lancashire and offer business owners and individuals alike a sympathetic and supportive service at such times of stress and high emotion. As fully accredited experts their mission is to guide their clients through the minefield of financial and commercial difficulties which they face.

These are just some of the reasons why another Lancashire based business support organisation, The Business Clinic, choose to collaborate with Marshall Peters in their support of the local business community.

The Business Clinic exists to ensure growth within local businesses; development of the business owner; and provides independent and bespoke support via ‘peerworking’. It is run and supported by local business professionals who come from an array of different sectors and backgrounds. As realists they appreciate that running a business will not always be without difficulties.

For those businesses experiencing difficulties, admitting there is a problem in the first place can be a difficult task… businesses encounter financial problems for a variety of reasons; fluctuations in the market place, economic downturns, the loss of a key customer, poor management, a series of bad debts or failure to secure a crucial contract, and Marshall Peters respect this and never judge preferring to step each client through the minefield as carefully and expertly as possible.

The North West has the highest proportion of rescued businesses of any region in the UK with 52% of businesses that entered a formal insolvency procedure in 2013-14 continuing in some form.

In 2013-14, there were approximately 2,400 formal corporate insolvency procedures in the North West, and the insolvency profession helped rescue approximately 1,243 businesses, saving around 34,786 jobs. Marshall Peters are proud to have been a part of this rescue operation.

Marshall Peters has strong relationships with professional advisers along with The Business Clinic such as accountants and solicitors, working with their clients in financial difficulties. In these cases their intermediary partners will want the best solution for their clients and they work with them to ensure the best result.

Marshall Peters strives to ensure rescue and survival for all client cases of financial difficulty, but it is inevitable that this is not always going to be possible. There can often be severe underlying problems which may prevent a long-term recovery of the business, and in such cases formal proceedings to place the company into administration or receivership may be required. Even if this happens, there are opportunities that the company may have a future.

As they say prevention is often better than cure so whether you are just starting out or have been trading for a while seek the right advice, have a plan and never be afraid to ask for help, after all the help you need is right here in Lancashire.

–          Written by The Business Clinic