The most valuable tool for saving a business in turbulent times is frequently — time. I read an article yesterday explaining why oil will be $100 a barrel by the end of the year — that is less than eight months from now. Whether that prediction is true or not, oil isn’t likely to go a whole lot lower. So, how do you hang on until the world changes again?
You know where your cash flow goes. How much more profitable would you be, or just how much longer could you last, if you could change where your cash flow goes?
If you could not pay the debt — at least for a while? If you could break leases without penalty? If you could change all the things we are trained to believe we can’t change? Well, except for taxes. Let’s not get carried away here.
How much time would you need to redirect your company’s resources? Can your welders make something else? Can your trucks move something else? Can your people do something else?
If you need time, if you need to drastically remodel your cash flow, if you need to redesign your business or just your business model — do the unthinkable. Call a Bankruptcy lawyer. We don’t just end businesses. We can help reinvent them.