Business basics — answers to your common retail problems

Banking advice
Question My business is going through a bad patch and I don’t want to ask my bank for advice in case they cancel my overdraft or loan facility. What are my options?

Answer Keeping quiet would be a recipe for disaster. The earlier the bank staff are alerted to a potential problem the sooner they can work with you to address the situation. Burying you head in the sand could cause you more worry because the bank may not trust you when your predicament becomes apparent, as it will.

Free advice is available from the Business Debt helpline on 0800 197 6026

Taking a new lease
Question I am planning to lease my first retail premises and have been offered a long-term arrangement as opposed to short-term at a higher rental. Are there any special considerations I should take into account?

Answer As a newcomer to the business property world you should opt for a short-term lease on the grounds that you never know what is around the corner. You may pay a little more, but one day you may appreciate the ability to move quickly.

Be prepared to haggle a bit and decline the first rental figure on offer. If the price won’t drop, ask the landlord to throw in a few extras, such as a coat of paint, a thorough clean of the building or free signage.