According to Coach with heart, we live in a society that reveres independence and strength.
The site says it's this belief that has turned asking for help into a sign of weakness.
'As a result, not asking for help has left people stuck for long periods of time. '
The reality is asking for help isn't a sign of weakness. 'It's often the right thing to do. It accelerates the desired result. It frees you up to do other things, more important things.'
What does this have to do with business rescue?
Well, one may loosely describe business rescue as a cry for help.
Does your CC follow the CC Act or the Companies Act?
Do it right or face penalties
Business rescue explained
It's essentially your salvation and your last chance to get your business back on its feet.
When should you apply for business rescue?
Answer these questions first:
If you've answered 'NO' to any of the above, continue to the next three questions.
The Loose Leaf says if you answer 'NO' to any of the first three questions, and you can't access funds from any of the last three questions, your business may be in 'financial distress' and you need to apply for business rescue right now.
Doing this may just save your business from a financial crisis.
Destiny Man says 'the objective of business rescue is to prevent the large number of liquidations that we are seeing in South Africa. It's hoped that this process will allow companies to survive and grow.'
Enjoyed this article? Subscribe to receive these free articles in your inbox daily.