How to avoid insolvency

In order to prepare for financial challenges and maximise the chance of avoiding insolvency, here are some key steps that businesses can take:

1. Develop a comprehensive financial plan: Ensure it includes realistic revenue, expense and cash flow forecasting. Regularly review and update this plan.

2. Diversify revenue streams: Relying on a single source of income can be risky. Explore opportunities to diversify such as expanding into new markets, introducing new products or services, or targeting different customer segments.

3. Monitor and manage cash flow: Negotiate favourable payment terms with suppliers and encourage prompt payment from customers.

4. Reduce costs and optimise expenses: Conduct a thorough review of business expenses and identify areas where costs can be reduced without compromising essential operations.

5. Maintain strong relationships with stakeholders: Nurture relationships with key stakeholders, including customers, suppliers, and lenders. Clear communication, transparency, and a proactive approach to addressing concerns can help build trust and support during challenging times.

6. Create an emergency fund: Set aside funds for unforeseen emergencies or downturns. Having a financial buffer can provide a safety net.

7. Seek professional advice: Engage early with insolvency practitioners like BRI Business Recovery and Insolvency who specialise in helping businesses navigate financial challenges. They can provide expert guidance, offer strategies tailored to your specific circumstances, and help you make informed decisions.

By implementing these measures, businesses can strengthen their financial position, enhance their ability to weather economic storms, and mitigate the risk of insolvency.

AMCO achieves Planet Mark certification to lead the way in sustainable logistics

AMCO, a global transport and logistics solutions provider, proudly announces its successful attainment of Planet Mark certification with support from Tre Office, solidifying its commitment to sustainable practices and environmental stewardship. This achievement marks a significant milestone in AMCO's ongoing efforts to reduce carbon emissions and create a positive impact on the planet.

Planet Mark certification is a prestigious accreditation awarded to organisations that demonstrate measurable progress in reducing their carbon footprint. It is a rigorous programme that assesses an organisation's commitment to sustainability, including its carbon management strategies, energy usage, waste management, and employee engagement. This certification reinforces AMCO's dedication to environmental responsibility and positions them as a frontrunner in the transport and logistics industry.

Don Mucci, Managing Director of AMCO, said: "Obtaining Planet Mark certification is a testament to our unwavering commitment to sustainability and environmental stewardship. We believe that as a global logistics company, it is our responsibility to lead by example and drive positive change within our industry.

"Through our relentless efforts to reduce carbon emissions and implement sustainable practices across our operations, we have made significant strides in minimising our environmental impact.

Achieving Planet Mark certification is a proud moment for us, as it recognises the dedication and hard work of our entire team. It also reaffirms our position as a sustainability advocate in the transport and logistics industry."

AMCO's commitment to sustainability extends throughout its supply chain, from transportation to warehousing and distribution. By adopting innovative technologies and implementing best practices, the company has already made substantial reductions in CO2 emissions and strives for more in the years ahead.

Transport and logistics organisations that obtain Planet Mark certification benefit from numerous advantages. They gain a competitive edge by demonstrating their commitment to sustainability, enhancing brand reputation, and contributing to a global effort to combat climate change.

AMCO invites companies from all market sectors to join the sustainability movement and pursue Planet Mark certification. For more information, visit www.amco-group.co.uk, email marketing@amco-group.co.uk

What is your favourite hat and why do you wear it?

You feel overwhelmed, stressed, and unhappy. Your business suffers too. It stops growing or even declines. You don’t know what to do.

This is a common scenario for many business leaders. They start with a vision but end up with a mess. They need a better way to run their business. They need a structure.

As Alfred D Chandler Jnr said, “Unless structure follows strategy, inefficiency results”.

Imagine you have a passion for something, and you are good at it. You decide to turn your passion into a business and make money doing what you love. Sounds great, right?

But then, things get complicated. Your business grows, and you must deal with many other tasks that are not related to your passion. You must juggle different roles, skills, and responsibilities every day.

As a decision maker, you must make decisions and be accountable, but you don’t have to do everything yourself. In fact, you shouldn’t. You need to know what to delegate or outsource and what to focus on.

That’s where the 10 hats approach can help you as these 10 roles are needed by every business:

• Shareholder: You own the business and provide the funding.

• Director: You set the strategy and direction for the business.

Leader: You implement the strategy and lead the team.

• Product Development: You create and improve the products and services you offer.

• Operations: You deliver the products and services to your customers.

• Marketing: You generate leads and awareness for your business.

• Sales: You convert leads into customers and revenue.

• Finance: You manage the money and the taxes.

• HR: You take care of the team and their needs.

Admin/IT: You support the business with processes, tools, and records. Which ones fit you best? Which ones do you need help with?

To find out which hats you need to keep and which ones you can pass on, start by mapping out your own organisation chart. Who does what in your business? What are the tasks and responsibilities under each hat? Make sure you cover everything that happens in your business.

Then, decide which hats you want to delegate or outsource. This depends on your own skills and strengths, as well as the needs of your business.

By delegating or outsourcing some hats, you can free up your time for the hats that matter most to you and your business.

At Leask Advisory Solutions, we can help you figure out which hats to focus on and how to achieve your goals.

Contact Julia (julia@leaskas.co.uk) today to get some help to put a feather in your cap.