When your business is struggling financially, filing for Chapter 11 bankruptcy may be your only option. Because Chapter 11 allows you to continue running the company, you need to have a plan for the future.
There are several steps you can take to help your business grow as you move through the bankruptcy process.
According to Entrepreneur magazine, Chapter 11 bankruptcy usually involves the liquidation of some of your business assets. Go through your assets and determine what you have left. How much money does the company still have? Will you need to repurchase some of the key tools necessary for running the business? Once you know exactly where you stand, you can make a plan to move forward.
It may also help to review the circumstances that resulted in your bankruptcy. Do you need to make changes to the way you run your company? Do you need to make more thorough plans for navigating unexpected circumstances? Asking yourself these questions can help you be more intentional about the steps you take to move forward.
Have a goal
In order for your business to succeed, you should plan for the next steps. How much money do you need to run the company? Where will you need to invest your money to maximize your growth? Where do you want the business to be in five years? Answering these questions can help you prioritize your business spending and create a new budget that will help your company move forward.
Bankruptcy may seem like a setback for your business. If you are intentional about the next steps you take, you can help your company thrive in the future.