‘Seeking advice is not a sign of failure’
Phil Morton is a senior manager at Leonard Curtis, East Midlands. He has worked in the restructuring sector since 2010, assisting directors, lenders, shareholders and other stakeholders through challenging times by seeking the right solution for all parties.
The rewards are in helping others. One of the most satisfying parts of my job has to be seeing the relief on a director’s face when I explain that the position they are in is not terminal and that there are solutions and options available to them in order to turn the position around. Directors have previously remarked that they are now able to sleep at night knowing that there is a professional helping and guiding them through the financial situation that they have found their business in. This has to be the most rewarding aspect of the job along with seeing a business I assisted now flourishing and being successful in their sector.
We’re gearing up for a busy time. With many temporary insolvency measures introduced to protect businesses suffering from the pandemic having come to an end and with landlords having the ability to recover rent arrears again, business owners need to be aware that a proactive approach needs to be taken if they are encountering difficulties to prevent a situation becoming terminal. With the current increase in fuel and energy prices further hindering businesses recovering from the pandemic, it is inevitable that we will see increased demand for our services over the coming months.
The regulatory landscape has changed significantly. There is now a lot more focus on the rescue of businesses. This can only be seen as a positive as no-one wants to see businesses fail. There is also a greater emphasis on stakeholder engagement to ensure that they are kept appraised of the actions, and reasons why certain actions are being undertaken by an insolvency practitioner. This is hopefully helping to demystify some of the theories regarding the role of an insolvency practitioner that you hear.
Seeking advice is not a sign of failure. As many SME business owners have built their business up from the ground through working hard, burning the candle at both ends and with very little outside assistance, it can sometimes feel that asking for advice is an admission of failure. However, this is certainly not the case. Business owners are experts in their sector (hence that’s why they are successful) but they also cannot be expected to be an expert in other areas. Acknowledging when something is not your forte and seeking third party assistance is key, be that speaking to your accountant for advice on a particular financial matter or engaging a specialist, such as Leonard Curtis, to help you manage your business through a challenging time.
It is important that employees are not kept in the dark. Whilst employees may not understand the intricacies of a particular situation, they usually always have some kind of inkling that a company is not quite performing as it did historically, be that enquiries and order volumes being down or suppliers chasing for payment. As a key asset of any company, it is essential that employees feel that management are keeping them up to date and involving them in any turnaround strategy. If not, you end up with discussions around the water cooler which may spread alarm and ultimately hinder any turnaround plan. There may be situations where it’s not possible to tell employees everything, but any communication from management is better than radio silence.
I have had some great managers and mentors over the years who have helped shape me into who I am today. As part of that journey, I have been pushed into some challenging situations but with the knowledge that I have the backing of my peers, I have successfully navigated them and further developed my career.
All aboard for relaxation. Away from work, I enjoy getting out on the water and yacht racing in the Solent and beyond. This gives me the opportunity to put the phone down and switch off from the world around me. Whilst fiercely competitive on the water, we all get along off the water and enjoy sharing a drink or two over discussions about that day’s racing.
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