Business Plans can only go so far
Andrew and Jane had been in business in the Falkirk area for over 15 years running a successful hotel. We had acted as their accountant and tax advisor since they had started. The business had prospered and then 2008 and the recession hit! They found that they had gone from a very successful business to one that was just scraping a living. Like many businesses, the first reaction was to sit tight and let the storm pass. But the storm continued with no sign of improvement. Meanwhile, the fabric of the business deteriorated and they were in a vicious cycle of static sales, rising costs and diminishing capital to re-invest.
Accountant and Business Advisor
That’s when we started talking about revamping the business. As their accountant, I knew the business well and more importantly knew Andrew and Jane as individuals. So as a business advisor we were ideally suited to interpret their new business ideas, create financial projections and work these up into a viable business plan for the bank.
A Helpful Bank Introduction
So far so good. Then the nightmare began. Their bank which they had been with for many years were not interested – too risky, financial projections too ambitious. Andrew and Jane were stuck. They had always assumed the bank would be there when they needed them. That’s when your local well established Chartered Accountant comes into its own. We were able to identify a second bank who we thought would be able to help. We arranged a meeting with all parties and they both hit it off from the start. The bank could see the potential of the new investment and took comfort from our close involvement in the project. The end result was the finance was approved within 6 weeks and the business revamp was carried out. The business is now back on track. Job well done!
For friendly professional advice from a Chartered Accountant in the Stirling or Falkirk area contact D & A Pearston.
