In times of financial uncertainty, business owners often feel the pressure to solve problems alone. However, without the right expertise, even the most experienced leaders can struggle to identify the best path forward. Engaging with professionals can provide the critical insights, strategic options and industry connections needed. Frank Ofonagoro, Partner, Opus Financial Advisory Group, discusses how seeking the right expertise isn’ t just a good idea, but is essential for businesses looking to navigate uncertainty, protect their interests and secure a stronger future.

The risks of going it alone

For many owner-managers, there is a reluctance to seek external advice, often driven by the belief that they understand their business better than anyone else. While this may be true operationally, financial distress requires a different skillset, one that demands experience in restructuring, stakeholder negotiations and financial planning.

The consequences of attempting to manage financial difficulties without professional input can be severe. Missed opportunities for recovery, escalating liabilities and unnecessary personal risk are all common pitfalls. When businesses

wait too long to act, the number of viable solutions rapidly decreases, leaving owners with limited and often less favourable choices.

Beyond problem-solving: The role of expert guidance

Business distress does not automatically mean insolvency. This is a critical distinction that many business leaders often fail to appreciate. Seeking guidance from financial advisors and insolvency practitioners( IPs) need not spell the end of a business but can act as the necessary catalyst for owner-managers to accurately establish the true financial position and prospects of their businesses,

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