Late payment of invoices, overreliance on accountants, and failed acquisitions are major causes of business insolvency, emphasizing the need for better financial management and risk mitigation strategies.
Small businesses face financial stress due to late payment issues, with personal guarantee insurance increasingly sought for loans to sustain operations, highlighting the crucial role of financial protection measures.
Directors should focus on diversifying customer base, conducting thorough due diligence, and improving communication practices to mitigate risks and address late payment challenges proactively.
Personal guarantee insurance not only offers financial security in case of business failure but also helps alleviate the burden of personal liability on directors, emphasizing its importance for small business resilience.
#business-insolvency #late-payment #financial-risk-management #small-business-resilience #personal-guarantee-insurance
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