Thousands of businesses experience insolvency every year. With the risk of bankruptcy breathing down business owners' necks, it's important to identify this threat early on so you can know how to better deal with it and even prevent it.

Here are seven signs that your company needs to hire insolvency practitioners Glasgow or London immediately:

Are you losing major clients?

When major clients or accounts leave you, that's a huge blow to the company's profitability. While efforts will be put into getting them back or replacing them as soon as possible to ensure the cash flows in, it may not be as easy as you thought it would be.

Is there a loss of key personnel?

If you start to notice that some of your brightest employees are leaving, then take that as a sign that something is wrong. This is why you need to focus more on employee retention rather than finding replacements.

Is there any reduced competitiveness?

Insolvency practitioners Glasgow know that if there is an overall sense of reduced competitiveness, then it’s crucial to rethink and restructure your business model. If your company's growth is stagnant, it could be because of poor management choices.

Are there escalating expenses?

Escalating expenses with no way of paying them back is another critical sign to watch out for. Watch how you spend money. Are you spending them more and faster than earning them?

Do you notice any shortage in cash flow?

From the previous point, escalating expenses are typically indicative of another issue, a shortage in cash flow. insolvency practitioners London know how to spot these instances so that they can better help you turn this around before it's too late.

Is there debt dependence?

Debt dependence means that your revenue is going towards paying off your debts. If this is the case, it’s time to hire insolvency practitioners London so that they create a plan to save your business from going bankrupt.

Are there inadequate accounting processes?

Handling your company's finances is crucial to ensuring that you do not go bankrupt. If you continue to neglect certain trends and patterns, then insolvency may creep up on you without you even noticing it.

If you answer "Yes" to most or all of these questions, your company needs to hire insolvency practitioners in London or Glasgow immediately. Insolvency practitioners can help investigate further and if there’s a need, help liquidate the company. One of the reasons why you need to hire insolvency practitioners early on is that there might still be a way to prevent bankruptcy and keep your company trading.

At Middlebrooks, we have a team of insolvency practitioners Glasgow and London ready to help if your company struggles to pay its creditors. If you need a team of professionals ready to help you fight for your business' survival, then you can call Middlebrooks at 0141 465 6429 for our Glasgow office or 020 8049 4764 for our London office.

Middlebrooks have insolvency practitioners Glasgow and insolvency practitioners London who can help you through the toughest of times. Contact us today.