In a crisis there are 3 key things you must do :-

1 TAKE RESPONSIBILITY

The first vital step is to take deep personal responsibility for fixing the problem. Don’t go into denial or inaction or wait for someone else such as your bank or accountant or friend or unpaid supplier to prod you into action. Give your wholehearted commitment to find a solution until it is fixed – WHATEVER IT TAKES***. “Doing your best” is not enough – you must make deeper commitment.
The reality is that you probably do not personally have the experience to solve such a problem so the next step is to TAKE ADVICE.

2 TAKE ADVICE

But beware - poor advice can also kill the company. Insolvency practitioners make money by closing down businesses so be wary of their advice. Overly optimistic advisors can also kill a company through not being tough enough and advisors who do not understand the complexities of insolvency law can get the directors fined, banned, imprisoned and even personally bankrupted.
So get professional advice from a fully accredited turnaround expert.

3 TAKE ACTION

The third thing to do is to take action and take it quickly. In turnarounds
Action beats inaction
Early action beats late action
Problems that are not easily solved usually benefit from a fresh look.

“Houston we MAY have a problem” is a business book written by Peter Ryding whose combination of turnaround and private equity experience was highlighted when he recently received the “Private Company Turnaround of the Year Award” for his work as chairman of the international Video Arts Group. He particularly specialises in coaching and mentoring those leaders seeking to address new business challenges.

I commend Peter and his book to anyone who feels they MAY be facing such business challenges.... amusing and entertaining but without pulling any punches.”

Sir John Harvey Jones