Let's Stop The Rot - Support Local

Running a business can be extremely challenging, especially during these unpredictible times.

Businesses in Northern Ireland have been faced with unprecedented challenges - COVID-19, Brexit & the resulting Protocol, energy and transport costs, recruitment issues and economic uncertainty.

Unfortunately, hundreds of these businesses have had to close their doors, having a devastating impact on the business owner, staff, close family and local communities.

If you're a business owner facing the prospect of closure, it is essential to know that help is available.

Here are some steps you should consider to get the help you need to stop your business from closing.

• Seek Professional Advice

The first step to take is to seek professional advice. You may have a business advisor, accountant, or solicitor who can help. They can provide you with valuable information such as restructuring your business, better managing your finances or dealing with creditors. If you're a member of the Federation of Small Businesses (FSB) be sure to use the available Legal and Tax helplines.

• Contact Your Creditors

If your business is struggling to pay its debts, it is essential to contact creditors and explain your situation. You can often negotiate a payment plan that is affordable for your business. Creditors should be willing to work with you if you are honest and transparent about your situation.

• Consider Government Support

Local and national government introduced several measures to support businesses during the COVID-19 pandemic. Visit www.nibusinessinfo.co.uk to find out what support is available.

• Explore Alternative Funding Options

If your business is struggling to access traditional funding sources, you should explore alternative funding options. These may include crowdfunding, peer-to-peer lending, angel investment and others. These funding options may provide your business with the financial support it needs to stay afloat. FSB members can also access hundreds of potential lenders through FSB's Funding Platform https://fsbfundingplatform.co.uk/

• Seek Emotional Support

Running a business can be emotionally draining, especially when faced with financial difficulties. It is essential to seek support from friends, family, or medical professionals as soon as you can. Talking about problems can help relieve stress, hear different perspectives and reduce the risk of serious mental health issues. FSB members have 24/7 access to a dedicated team of professional healthcare providers through the FSB Care service https://www.fsb.org.uk/care.html

Closing your business is never an easy decision and it is vital that you are able to access the support you need when you need it most.

Small businesses are the lifeblood of the Northern Ireland economy and it has never been more important to support our local business owners.