How to protect and save your business
Business Programme
Million Impossible was created to help Entrepreneurs and Business Owners by creating a network where its members can help each other specific areas of need in key business skills.
The Entrepreneur School is a school run by Entrepreneurs - for Entrepreneurs - passing on their vast business and real life experiences. The school allows Entrepreneurs to enter into a business programme that covers a number of subjects ranging from company formation through to accounting and taxation as well as sales and marketing.
The course lessons will appear on this page over the coming weeks to build up into a powerful resource and reference library for members who enrol in the school.
Lesson Archive
Simply click on the lesson title below to view a lesson in full.
- Entrepreneur Dates, Times and Locations
- Entrepreneur School Speakers
- Entrepreneur School Chelmsford Speakers
- How to protect and save your business
- You've Got 60 Seconds To Present Yourself!
- Your Entry into Business (and Risk Strategy)
- Use Your Brain for a Change!
- Making The Right Impression
- Raising the Right Type of Finance
- Failure to Plan is Planning to Fail
- Public Sector Contracts and Tenders
- Team Building and Creative Thinking
- ES Guildford Opened by Anne Milton MP
- ES Chelmsford with Emma Wimhurst
- Entrepreneur School Chelmsford - Introduces Speed Networking
- Why does Bradley Chapman think that he can help Increase the chances of Entrepreneur success rates?
- Personal Invitation to Entrepreneur School (Chelmsford) Wednesday 22nd July
- Entrepreneur School is Here!
- Entrepreneur School Launch Night - Thank you from Bradley
- Entrepreneur School Launches 8th July
- The Reality of Business
- I had an idea for a business and was compelled to act – But how would I get it off the ground?
- The British Library Event Reflected - Bradley Chapman
- Entrepreneurs have one thing in common - VISION!
- Entrepreneur School – The difference between theory and real life.
- Entrepreneur School at Business Startups Exhibition
- The Entrepreneurs' Masterclass
- The First Thoughts
- Entrepreneur School – The Idea
- Entrepreneur School – For Entrepreneur Tutors
- Entrepreneur School – For Business Students
If there is a subject you would like us to cover, please get in touch.
Entrepreneur School Chelmsford – Business Renew
with Ron Mitchell
Following 30 years management experience at Board level in both SMEs and large compamies and 18 years running own medium sized process engineering Group with both UK and overseas markets, Ron Mitchell is perfect for helping businesses that find themselves in trouble.
Ron is a Director of Business Renew (SE) which is an organisation that specialises in helping companies overcome the difficulties that they may find themselves in. Business Renew can step to relieve creditor pressure and negotiate with creditors, advise on restructuring strategies, debt management and personal guarantee solutions.
Wednesday the 19th of August saw Entrepreneur School invite Ron down to Shire Hall in Chelmsford to give a talk on how businesses can recognise the early signs of trouble and what should be done if a business is struggling. Entrepreneur School delivers a mixture of business networking and business education. Subject range from Startup and business planning to company restructuring, sales, marketing and coaching. Below is a reconstruction of Ron's Power Point Presentation outlining the early warning signs, actions, remedies and recommendations.
You can contact Ron through his Member Profile or call him on 01376 553441
How to protect and save your business
By Ron Mitchell
We
Rescue,Recover & Renew...
The original & first emergency service for your business
Work with Business owners and
Managers that are facing
significant financial pressure
often combined with impending
court action
About Business Renew
- Registered Secretary of State, DTI
- Member of Federation of Small Businesses
- Approved consultant by a major UK bank
- 10yr Trading History
Some Common Problems Voiced by Business Renew Customers
- "My sales aren't high enough"
- "I'm having problems with my cashflow"
- "I have a CCJ and the Bailiff has called"
- "I need a small loan to get me through"
- "If everyone paid me it would be OK"
- "The bank has reduced or withdrawn my facility"
Do you actually know your business?
- Do you have a business plan with financials and how is your business performing against it?
- What was your turnover and profit last year?
- Do you have up to date management accounts?
- Do you have a basic cash flow forecast?
- What is your monthly break even sales value?
- Are you sales profitable? Net and Gross profit
Actions
- Take time out each week to focus on the business, what it is doing and where it is going
- Understand its financial situation, monthly management accounts
- Review the Business Plan
- Produce a rough and ready cash flow
- Face reality and review your options
- Ask for help early
Beware
- Sole trader or partnerships are personally liable if the "company" gets into financial difficulties
- Avoid personal guarantees. They defeat the reason for a "Limited Liability Company"
- Read the small print and ensure you know what you are signing for
- Always sign "on behalf of the company"
- When financial problems start, friendships fall apart. Ensure your business relationship is in the form of a legal document
Possible Solutions
- Restructure the business
- Obtain protection against creditors
- Defend against calls on personal guarantees
- Employ ongoing business support
- Raise finance after the problems have been resolved
- Liquidate and start again if the basic business is sound
Recommendations
- Open the post, don't ignore bad news
- Talk to creditors. If they don't hear anything they will assume the worst
- Always have a plan "B"
- Call for help early
