How To Save Your Bankruptcy Business
The number one thing to avoid if your business is having financial problems is stress and worry, but how can you do that?
The second thing to consider is does your lawyer have all the answers you need for your troubled business.
The third thing to think about is are you making some mistakes that could be harmful to your already troubled business. These are all answers that all business owners want to know when their company is in trouble.
Save Your Bankruptcy Business without Stress
Worrying about bankruptcy could cause you more harm than you have. Do not allow the stress and worrying to distract you from solving your business problems.
You must be clear-headed right now. Saving your business should be the only thing you have to be concerned about during this emergency.
You are the only one that knows your company well enough to know what the problem is. Learning how to correct the problem should be your priority.
Lawyers do not know your business the way you do and may not be able to provide the right answers. They are there to guide you through the court proceedings. They can’t tell you how to solve the fundamental problems of your business. Only you can do that. You are the one who can save the business and making those little mistakes can be costly.
So how do you find the problems… and figure out how to fix them?
Learn from people who have turned around businesses before. They have business turnaround experience and bankruptcy business experience firsthand. So what you need to do is find someone who can help you with your turnaround and consult with them.
If you don’t like consultants (and I don’t … They’re often overpriced and don’t help) then you need to get some training in the business turnarounds and become your own FREE consultant.
Here’s how.
Your business is your life and life is your business. Help your company before the lawyer says it is all over. Nobody wants to hear this about his or her business ventures.
To do this you must be prepared to take some immediate and drastic actions for the survival of your business. This means cutting all necessary costs and working on an emergency cash flow budget. You must direct all your efforts toward stabilizing your cash balance and you may have to reassess your cash flow position on a weekly basis.
Once your cash flow has stabilized, then you must work on creating a turnaround plan. This long term plan will tell you everything you need to do to fix your business. It is a powerful tool and is a road map for you and your team to fix your failing company.
Most importantly, don’t lose heart. Doing a turnaround on your business is entirely possible. It may be difficult at times, but it will be well worth the effort.
If you are going to turnaround your firm, you must have high energy, which only comes from a positive attitude. Your positive attitude will drive the correct actions that your troubled business needs right now. Look at this time as a learning experience. Both you and your business will be better off down the road.
Kevin Muir
http://www.articlesbase.com/management-articles/how-to-save-your-bankruptcy-business-102038.html
SAETEURN
11 Mar, 2010
saving your checks and cashsing it out later?
Hi ive been saving my checks from work because my work place was having problems with the payroll company so they cancelled on them. my question is if your company files for bankruptcy or goes out of business does that means all the checks that ive been saving will be no good and cant cash it out or will i still get paid?
Danny
11 Mar, 2010
They "have" to pay but cannot be forced to. Employees owed wages during a company filing bankruptcy become creditors, unfortunately they are not the top creditors. The company can refuse or be unwilling to pay and there is almost nothing you can do about it.
"If you Declare Bankruptcy
If you declare bankruptcy and you owe money to employees, they become creditors just like others and they may not get paid all they are owed. Employees are not in the top priority class of creditors, and their wages, salaries, or commissions must have been earned within 180 days prior to the bankruptcy, to a maximum of $10,950 for each individual. So, while these payments are limited, they are still part of the bankruptcy payout."
http://biztaxlaw.about.com/b/2009/06/03/employees-can-sue-for-non-payment-of-wages.htm
I’ve never understood why people just hold on and accumulate checks. I worked with a guy that did this and some of his checks were over 180 days old being rendered void. He went to the company and asked for a new check, and they refused. He filed a complaint with the labor board and LOST. Money gone.
Why hold on to checks? This makes no sense to me. Even if you’re holding them because your company has some problem with payroll, that doesn’t add up. The company is still obligated by federal and state laws to pay you. If they have a payroll problem, you go to the labor board immediately. You don’t do them a favor by waiting to get your money.
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Judy
11 Mar, 2010
If the company goes kaput – you’ll be left holding the bag.
Deposit those checks into your checking account today.
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jlf
11 Mar, 2010
Yes, it could. What on earth do you expect to gain by holding the checks? You should not hold uncashed checks. Deposit them in your bank account right away.
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Amanda
11 Mar, 2010
Its not a good idea to save checks because after you wait so long the checks will void. Most void after 90 to 180 days
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