How are small businesses going to be affected? Are we really headed for recession? I recently spoke to turnaround expert Anthony Holmes, who had something interesting to say on the matter. However, if you were hoping for good news, you’re going to be disappointed. Holmes says banks won’t want to refinance their loans and, therefore, many small businesses will fail because they’ve moved forward “on a feeling that it was going to be summer forever”. He says big companies will squeeze the smaller companies for cash, but the smaller companies won’t have anyone to squeeze. “If you’re a small business, you will have problems,” Holmes says. “If you’re large, you will have to begin to look at the arrangements of the debt that you’ve got.” So what can you do? Holmes reckons you need to “be honest and take external opinion about the risk to your business. Deal with the problem as soon as possible. Those who deal with it now, and properly, will actually come out of it in better shape.” The only positive comment Holmes had to offer was that he isn’t convinced a recession is on its way. “I do think we’ve have financial distress and dysfunction. Will that find its way to a true recession? I’ll pass on that one.” Related article: Peter Knight – How to thrive in tougher market conditions Picture source
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.