The £1 Million Debt They Saw Coming
I’m working with a business right now that does between £100,000 and £120,000 a week with one customer.
That customer now owes them more than £1 million.
How did it get that far?
They didn’t want to upset an important client. So they extended the credit, accepted another excuse and kept telling themselves it would all sort itself out.
It didn’t.
The denial trap
I’ve had to ring 20 or 30 directors over the years and tell them the same thing:
“You’re not getting paid.”
Almost every one of them had already seen it coming. They simply didn’t want to believe it.
That is the denial trap.
Deep down, often at four in the morning, you know the risk you’re carrying. But when daylight comes, you push the thought away and carry on.
No company is too big to fail. Carillion, Toys “R” Us and Woolworths all proved that.
And when a major customer collapses owing you money, the consequences don’t stay inside the business.
I’ve seen directors lose their income, their homes, their marriages and the respect they once had for themselves.
It can disappear frighteningly quickly.
Act before the wave arrives
My book, Before the Wave, exists to stop this happening to you.
It isn’t full of complicated theories or clever tricks. It explains the simple, practical measures you can put in place early, while you still have choices.
Because the best time to protect your business is before you desperately need to.
I promise you, a few hours spent reading it could save you years of regret.
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