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When a crisis arises, many entrepreneurs rely on the principle of hope for too long instead of adopting active crisis management. As a result, they lose valuable time in the fight to save the company. Many entrepreneurs only realize that their company is actually in crisis when it reaches the stage of a liquidity crisis. However, there are already many warning signs beforehand, even if they are not always easy to recognize.
BMWK Brochure on Crisis Management
If you want to learn more about this topic or feel that things are not going smoothly in your business: You can find many important pieces of information, tips, and explanations in the newly revised brochure "Starting a Business – Concise Guide: Recognizing and Avoiding Business Crises" by the Federal Ministry for Economic Affairs and Climate Action, which includes the following content:
- How to recognize a crisis (in time)?
Three phases can be distinguished: the often symptom-free strategic crisis, the usually already painful success crisis with declining sales, and finally the life-threatening liquidity crisis for the company. The brochure will show you how to identify the different phases of a crisis and how you can counteract them with targeted measures.
The brochure also provides tips on where you can find support. - If an insolvency procedure cannot be avoided
This brochure also informs about the possibilities that an insolvency procedure offers.
Many entrepreneurs still equate "insolvency" exclusively with the "liquidation" of the company. They overlook the fact that the affected company can also be restructured, for example with the help of an insolvency plan. Since the implementation of the Law to Further Facilitate the Restructuring of Companies (ESUG), insolvency law has provided the opportunity to prepare for restructuring after an application for insolvency proceedings is filed. However, this requires that your company is still solvent, meaning the application must be submitted early in the case of insolvency.
Brochure "GründerZeiten No. 13 – Crisis Management"
In addition to the aforementioned brochure, there is also the "GründerZeiten No. 13 – Crisis Management" brochure on the topic of business crises. Here you will find detailed guidance in case your company needs to be liquidated despite all efforts. The most important steps are outlined to ensure that the exit from an insolvent company is as orderly and timely as possible. Mistakes made here can hinder or even prevent a fresh start.
The brochure also contains basic information for an entrepreneurial restart and information on where to find support and advice during a crisis or impending insolvency, as well as what funding options are available.
Tip
Detailed information on insolvency and liquidation can be found, for example, on the pages of the Federal Portal.
