Don’t become another statistic
In the ever-evolving landscape of the UK’s business sector, Small and Medium-sized Enterprises (SMEs) have been at the forefront, facing the brunt of economic challenges. The recent insolvency statistics for September 2023 underscore the gravity of the situation. While corporate insolvencies saw a decrease of 15% from August 2023, they increased by a staggering 17% compared to September 2022.
This rise is not just a reflection of the pandemic’s aftermath but also indicates deeper economic issues, director fatigue, and the post-COVID insolvency lag.
The September 2023 corporate insolvency figures published by the HMRC are the highest observed for this month in the past four years. This surge is a culmination of various factors, from economic challenges to the ripple effects of the pandemic.
The fact that almost all forms of corporate insolvency processes have seen a year-on-year rise, with the exception of CVAs, is a testament to the widespread struggle’s businesses are facing.
A glimmer of hope
While the corporate insolvency statistics are alarming, personal insolvency numbers hit a four-year low in September 2023. This decline is primarily due to a drop in the number of people entering Individual Voluntary Arrangements. This suggests that with the right guidance and support, it’s possible to navigate through these challenging times.
Your beacon in the storm
The current trading climate is undoubtedly challenging, and with rising operational costs and a cautious consumer market, businesses are feeling the pinch. However, the key to survival is seeking timely advice and making informed decisions. Before your business becomes another statistic, consider the proactive measures and solutions offered by Nordens…
- Strategic Business Planning – Chart a clear course through the economic turbulence with our expert guidance.
- Financial Forecasting – Anticipate financial challenges and prepare for them in advance.
- Tax Planning – Ensure optimal tax strategies to improve your cash flow.
- Business Recovery Service – If you’re already facing financial challenges, our team can guide you through recovery options.
The Way Forward
If you’re concerned about your business’s financial health, don’t wait for the storm to pass. Instead, seek shelter and guidance with Nordens, ensuring that your business doesn’t just weather the storm but emerges stronger on the other side.We can help with all of your accounting needs including business forecasting. Don’t hesitate to get in touch with us, we’re here to help.
