In a recent recent survey by the Viking Small Business Barometer one in five small firms in Newcastle think they may have to close down by the end of the year. In addition the survey found that 10% of small firms did not expect an increase in profits.
The survey asked businesses in the last quarter of 2012 about their views for 2013. The Viking Small Business Barometer speaks to the same 1,000 small business-owners and managing directors, across 15 different sectors, every three months to pull together the quarterly tracker report.
Sean Bailey from Viking said: “The findings of the report offer an insight into the current conditions faced by small businesses in the area.
“It demonstrates that the recent downturn in economic growth has had an effect on SMEs, leaving them with a bleak outlook for 2013.
So what are your options if you are a small business in the area?
First of all, if your business is suffering cash flow problems or debts then you must seek some business debt advice. Most advisers will not charge for an initial meeting to go through the options.
KSA Group have an office in Gateshead where Eric Walls will be more than happy to talk to business owners in the area about what the options are. These options can be company rescue, close the company, administration, or voluntary liquidation.
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