When I mention the term 'Directors Fatigue' to some business owners, a light switches on and they immediately say 'Yes, I feel like that. I thought it was just me'.
It doesn't really need explaining but surveys are indicating that a large proportion of directors of SME's are feeling exhausted and need a break. The road to recovery remains a huge challenge for many businesses, and forecasts for this year paint a difficult picture, especially with the big squeeze on finances in general.
It's very clear from conversations we are having with clients, that many business owners are tired, becoming fed up with the challenges they are experiencing; staff shortages, rising costs and supply issues being the main ones. Many business owners will now be faced with making tough decisions as there doesn't seem to be a positive road to take at the moment, especially in some industries such as hospitality and transportation.
When it comes to financial difficulties, my advice is to try and acknowledge them before they escalate and to keep on top of your numbers. As cash flow pressures increase, options typically tend to decrease. But even then, it does not necessarily mean disaster.