Five Ways to Find Help When Your Business is Struggling

Anita Ginsburg

March 05, 2014

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Private persons can find counseling whenever they find themselves in excessive debt or rising expenses. Similar help exists for businesses, even though the business world is often seen as harder to navigate. Good advice and credit crunching can pay for themselves whenever you as the entrepreneur cannot answer the question. Here are five ways to get the help your business needs when it is struggling financially:

Have an Accountant Slash at Your Taxes

Businesses stay in business by working to reduce their tax burden. Smarter companies look for every tax credit they can squeeze, and in a tight competition this could give them the edge. Saving yourself the same money allows your product to be cheaper and your profits to be higher. Let tax professionals do their work.

Obtain Business Credit if Possible

Many banks offer credit lines specifically for businesses. They have many conditions, and sometimes want revenue directed towards an account with their bank. While there is risk in taking out any sort of credit, the money can keep a business afloat during a dry spell and can help provide the resources necessary to give the company a fighting chance.

Consider Freelancers or a Staffing Agency

If a small shop is not generating enough revenue to justify employees, it might be better to tend the counter yourself. For those instances where extra hands are necessary, it can be better to allow someone else to do the hiring and pay the benefits. Staffing agencies cost more per hour than simply hiring employees, but they eliminate the need to retain staff. Freelancers are independents but provide highly specialized services.

Utilize Service of Financial Experts

This means more than just hiring a good accountant that can help with your taxes. You should get advice from a variety of different financial experts, especially when the business is struggling to pay bills because of debt. According to A C Waring & Associates Inc, it's important to find help to get you back on track if your business has dealt with losses that have put it in jeopardy.

Get to Know a Good Lawyer

Having a small business attached to personal finances creates a great deal of liability for the owner. A small business set up as a corporation files its own taxes and bears its own liability, but the owner must deal with all the legal aspects as well. A good lawyer can point you in the right direction even if that lawyer does not represent the business in court.

It is extraordinary how many businesses exist to serve businesses. Everything about business relates to finances, and a few good professionals could save a struggling company.