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Soletraders Dos and Don'ts

9 August 2017

Soletraders Dos and Don'ts

This is not a complete guide to the actions you should take, but the rules here will hopefully guide you through the difficulties you are facing. There is one golden rule to remember:

If an action or step seems wrong or "smells" wrong it generally is.

Always think hard what your creditors might think those extenuating circumstances may seem reasonable at the time but if the business fails and you have no clear record as to why decisions where made, they may seem less appropriate in future. See an introduction for how to use the remainder of this site.


  • Follow our guides and read the website thoroughly.
  • Talk to us if you have worries or concerns we dont bite!
  • Build a detailed picture of your financial position
  • Build a detailed picture of your sales prospects
  • Note down all decisions or assumptions you made when reviewing the position
  • Be honest with yourself, those that work for you and those at home
  • Take advice from sole trader-rescue and other professional advisors 
  • Look at all options before making a decision to ACT
  • Consider all objectives yours, the businesses and those people around you
  • Formulate an action plan and then ACT
  • Talk to the bank
  • Build a list of all your objectives


  • Bury your head in the sand, problems will not go away, reading this website is a good way to start
  • Guess about financial details- build a proper detailed picture of your debts and assets
  • Spend lots of time building detailed accounts that are history
  • Blame everyone else
  • Ignore legal paperwork - answer it, fill it in take copies and act responsibly
  • Prioritise creditors incorrectly - call us for details.
  • Hide the issues from your employees and the people around you
  • Ignore professional advice they can sometimes "see the wood for the trees" when you cannot.
  • Ignore closing the business as a serious option, there is life outside your business and working for someone else may not be as bad as you think.
  • Keep changing plans
  • Lie to the bank or anyone else.  They have a habit of coming back to haunt you
  • Be unrealistic
A Worried Director

The Ultimate Guide For Worried Directors

Worried about poor cashflow? Feel you have got into a bit of a mess? Covid-19?, How to pay wages on pay day? For reassuring advice on a range of issues download our free Ultimate Guide For Worried Directors today. Or just call us on 0800 9700539

"KSA Group which owns this site, will help you fix problems in your business. We won't charge for any initial advice or face to face meetings. We speak in English. We will save you money and your precious time.  You can come to any of our offices

"We also follow up any meeting with a full "solutions report" which runs on average to 13 pages valuable free advice!!  No other practitioner offers this service.  In this report we advise on ALL the options and explain them clearly.  We advise on a course of action given the information you have given us ( the more information we have the better we can advise!)"

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