Warning Signs / What to Look out for

If your business is starting to struggle, it’s best to let us know early as the sooner you contact us the sooner we can help find a solution together.

Keeping an eye out for the early warning signs could help you quickly spot any potential worries before they become problems.

Examples of warning signs which may individually or collectively indicate financial difficulties include:

  • Regularly having transactions you’ve made returned.
  • Missed loan repayments.
  • Late payment to creditors, including HMRC.
  • Lower sales resulting in less credits to the account.
  • The commencement or continuation of certain proceedings, such as:
    • County court judgment.
    • Winding up petition.
    • Other court proceedings
  • Regularly needing to increase borrowing.
  • Repeated rescheduling of debts.
  • Frequent cash withdrawals on a business card.
  • Persistently going over your overdraft limit,
  • Large increases or decreases in turnover.
  • Prolonged period trading at a loss.
  • Inability to keep to conditions or covenants set out in agreements.

Even with all the best intentions you can’t predict everything, so it’s a good idea to be aware of situations that could catch you out:

  • Loss of key staff
  • Emergencies such as flooding or fire
  • Reputational challenges
  • Increased competition in the market place
  • Political changes both internal and external
  • Fraud
  • Cyber Attack
  • Late payment from debtors

If you’re worried that your business is showing financial difficulty warning signs, has taken an unexpected blow, or is already experiencing financial difficulties, it’s important to let us know. Talking to us early can help reduce the impacts felt on the business.

You can contact us in a variety of ways:

  • Via your Relationship Manager.
  • Calling through to business telephone banking.
  • Online Chat
  • Dropping into a branch.

Please Contact Us immediately if your business is impacted by any of the factors outlined above and is experiencing financial difficulty, or going to fall into financial difficulty.

For independent debt advice please refer to Additional Support Services for details.

Need help?

Get in touch to learn more about our banking solutions