Insolvency is a nightmare no business owner would ever want to have. Every businessman wants the venture to grow, to expand, to succeed and ultimately to earn bigger profits. But not all business hopefuls are blessed with the good fortune to have stable, income generating business ventures. Many businesses are added to the insolvent and bankrupt statistics everyday.
Insolvency is an eventuality every entrepreneur would like to avoid at all cost. Of course there are factors that are beyond the capacity of any individual to avoid. The slump in the economy is a very hard adversary to contend with, and so are difficulties brought about by natural calamities.
A business in difficulty is akin to a patient. To cure a patient, proper diagnosis is needed so that the right medication will be prescribed. The same thing is true with business. To cure an ailing business, you need to have a careful analysis of the causes of the problems. Could it be due to mismanagement? A less than favorable cash flow? Or could it be due to unavailability of capital and funds to sustain operating costs?
All these factors that can cause insolvency of a business can be righted or cured....
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