Partner Article

Think long term to combat financial difficulties

Business should think long term rather than seeking short term solutions when dealing with financial difficulties, according to a County Durham solicitor.

Mark Gardner, a partner at Latimer Hinks Solicitors, Darlington is an expert in insolvency issues and is encouraging businesses to ensure they make sound decisions, especially in the difficult economic climate.

He commented: “Economic forecasts for 2012 vary between very gloomy and slightly optimistic, but what most agree on is that this year will not be the end of the financial troubles being faced by individuals and businesses alike.

“With that in mind, short term fixes should be an absolute last resort – it is much more worthwhile taking the longer term view when it comes to resolving financial difficulties.”

While the right measures may bprove to be more expensive, they will provide long term stability and could be more economical over time.

Mark added: “There are too many so-called ‘simple solutions’ available to people in financial difficulty, whether they are individuals or company bosses dealing with their companies.

“Taking independent expert advice will help to avoid many of the pitfalls and help to find the right solution to the issues being faced.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .