Recovering from payment difficulties and a financing crisis

• Find out what your company’s overall financial situation is really like.
• With your accountant's assistance, examine the adjusted balance sheet to determine what your company really owns and how much liabilities it has to different parties.

• Eliminate all unnecessary expenses.
• Encourage your employees to exchange their holiday bonuses, overtime pay and performance-related bonuses for days off. 
• You may also consider laying off your employees.

• Try to get the sales figures up. Acquire new customers or sell goods in stock faster, for example through a discount sale.
• Consider whether it would be necessary to make changes to the pricing or the product range to increase profitability.
• Capitalise your company's assets to the extent possible.

• Ask for more time to pay your invoices, taxes and employment insurance contributions.
• Contact your creditors to negotiate a break in repaying loans.
• Ask your customers to pay their invoices faster.

If nothing else helps, you can request for company restructuring or some other form of debt arrangement.

• Yrittäjän talousapu counselling service 
• your regional business development company
• your accountant
• the Guarantee Foundation if you are a sole trader or a small-scale entrepreneur.

• Talk about your feelings to your family and friends or other entrepreneurs or seek professional help.
• Do not pay attention to what others may think about you and your situation.
• Remember that life will go on, no matter what happens.
• Redirect your thoughts and try to find joy in something new.

If your financial difficulties start causing mental health issues or substance abuse problems, seek help:

• If you are having mental health issues, contact, e.g., the health centre
• There are various forms of support available for substance abuse problems.