As the New Year dawns, it’s a time for reflection, resolutions, and planning. For many small business owners, this season is both an opportunity to embrace growth and a moment to confront challenges head-on. If your business has faced financial struggles or uncertainties in the past year, now is the time to act. And remember—you don’t have to face it alone.

Did you take a step back over Christmas?

The holiday season can be a time of joyous distraction. But as decorations come down, the reality of overdue bills, declining sales, or mounting debt may come crashing back. If you’ve been avoiding difficult decisions or postponing financial reviews, don’t worry – many business owners feel the same.

“It’s easy to put challenges on hold over Christmas, but the start of the year is the perfect time to take action,” says Tom Fox, Head of Insolvency. “Facing issues early means more options are available to help businesses survive and thrive.”

Business rescue options – Turning challenges into opportunities

Here are some of the ways you can address financial difficulties and find a path forward:

1. Company Voluntary Arrangements (CVA) – If your business is viable but struggling with debt, a CVA allows you to negotiate affordable repayment terms with creditors while continuing operations. It’s a way to restructure without shutting down.
2. Administration – If immediate action is required to protect your company from creditors, entering administration can provide breathing space. An administrator can assess the best course of action, which could include restructuring or finding a buyer.
3. Time to Pay Arrangements (TTP) – Struggling with tax liabilities? HMRC may agree to a TTP, allowing you to spread payments over a longer period. This is often a lifeline for businesses facing cash flow issues.
4. Liquidation – If your business is no longer viable, a formal liquidation process may be necessary. While this can be a tough decision, it allows you to close the business responsibly and minimise personal liabilities.

Why the New Year is the perfect time to act and get a fresh start

The New Year symbolises a fresh start and new opportunities. By addressing challenges now, you can take control of your business’s future and build a foundation for success. Ignoring financial difficulties only makes them harder to solve. The earlier you act, the more options you’ll have.

“Small businesses often underestimate the solutions available to them,” says Tom Fox. “Speaking to an expert can help you understand your options and make the right decisions for your company.”

At Umbrella.UK, we specialise in helping small businesses navigate tough times. Whether you’re unsure about your options or ready to take the next step, we’re here to guide you. Our experienced advisors offer free initial consultations to understand your situation and recommend tailored solutions.

Let’s make 2025 your year

As the fireworks fade and the calendar turns, don’t let fear hold you back. Reach out to Umbrella.UK and take the first step toward solving your business challenges. Together, we’ll explore the best options and work toward a brighter, more successful future.

From all of us at Umbrella.UK, Happy New Year! Let’s make it a year of growth, resilience, and success.

Get in touch today for your free initial consultation – don’t wait for a fresh start!