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The health measures during the peak of the pandemic have caused headaches for many SME (Small and Medium-sized enterprises) leaders. Some incentives have provided a little relief, but inflation has become part of daily challenges. Here are some of the main difficulties that SMEs are facing:

Lack of Cash-flow

Faced with difficult choices, many small business leaders had to prioritize whom to pay, resulting in numerous delays, hoping to regain control.

Supply Availability

SMEs hold no exceptions and have all been affected by delivery delays and inventory shortages. The growth of online purchases from giants has also contributed to stock shortages.

Rising Costs

Needless to say, everything costs more, and profit margins have taken a hit. Consumers are called upon to change their habits, making it difficult for business leaders to estimate.

Labour Force Availability

Many employees reconsidered their priorities during the pandemic, and several sectors (restaurants, small shops, etc.) struggle to attract qualified employees.

Market Uncertainties

Rapid market conditions fluctuations and the variability of health restrictions have made long-term planning complex. In many cases, data from previous years are of no help in trying to determine high and low seasons.

Solutions

For leaders who are convinced that, with time, they will be able to overcome their financial woes by reducing their financial obligations, a licensed insolvency trustee from Ginsberg Gingras can assess the odds and help them restructure their debts.

Bankruptcy is also an option for leaders who are tired of injecting their hard-earned money without knowing if they will be able to recover.

When the bank says no, it’s not too late to consult a trustee from Ginsberg Gingras.

For a debt-free future, consult a trustee by visiting ginsberg-gingras.com or calling (800) 567-1905. The first consultation, whether in person or virtual, is obligation-free

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