Lucky3
1 posts since
Jan 2, 2009
1.
Re: Considering Bankruptcy Jan 2, 2009 8:02 PM
I believe the first thing you need to do is a self assessment on assets and liabilities and where have your sales been coming from and why has there been a change. You may want to call some of your former best customers and do a little questionnaire to glean some information. If you let half of your staff go, how did you determine who was to go? Do you do monthly reconciliations of your bank statements and tie it into a full "write up" system which measures your inventory, profit centers, etc. If not, can you go back and do an analysis for the last six months?
Be sure to call your vendors and Landlord and let them know what is going on and try to work out short term solutions to stay in business. Valentines day and more is coming soon and you can strategize how to boost sales or diversify your product line - add the new edible arrangements, etc.
A Bankruptcy has got to be your last resource. One way to cut down on some expenses in a time like this is to join pre-paid legal services (which I also market) so that you can get legal advice without a bill each time you call.
Well, that is a start for your consideration. Hang in there and if you have any questions for me, please send them on. This is my first attempt to participate in the group and I hope it was of some help.
Lucky3
