Through boom and bust, BK has continued to help keep us profitable and they are a great source of positive encouragement. Nothing is too much trouble. I would recommend BK without hesitation to anyone in business or thinking of starting a business – BK is a firm of accountants who are professional, knowledgeable, experienced and who will go the extra mile.
Independent Business Reviews
Quite often, a very viable business can experience short-term cash flow difficulties, due to delays in collecting from debtors, bad debts, or periodic dips in sales. These companies can be saved – where they are found to be fundamentally solid, the directors and staff are open to taking the cost-saving measures required and where they can get the support of their creditors.
Before making a decision to extend further capital to such companies, banks are increasingly requesting an Independent Business Review (IBR) to assess their viability.
Buckley Kiely Business Support professionals are highly experienced at IBRs and carry them out both at the request of the bank or at the direct request of companies who expect to have an IBR from their bank in the near future (i.e. pre-bank IBR).
The purpose of the IBR is to assess the viability of the company, identify key areas for improvement and advise on specific achievable goals and steps towards making necessary changes.
Where the directors and staff of the company under review come on board with the IBR team, many key business improvements in efficiencies, management, profit, growth and structure can be achieved.
Many companies fear that an IBR will automatically result in job losses. While we cannot guarantee this will not happen if absolutely necessary, it is certainly not always the case. The main objective is to find ways of doing things smarter to improve efficiencies!
It has been our experience that the managers of SME businesses struggling in recent years due to the decline in the economy are often working alone with few if any advisors to help them make decisions in circumstances they have never before experienced. These managers can benefit hugely from the expertise of experienced business consultants who provide them with a listening ear and clear guidelines for improvements. As one recent owner/manager we worked with put it “you put a mirror in front of me and forced me to face the issues my business was experiencing”.
At Buckley Kiely, we understand that this can be a difficult exercise for companies accustomed to managing their own affairs. We work in a co-operative way and always try to keep the company’s best interests in mind. In many cases we form lasting relationships and continue to work with companies long after the IBR has been completed for the bank.
If you are expecting to get an IBR from your bank or if you believe your business could benefit from an IBR, contact us today for a confidential, free initial consultation and quote. Email IBR Queries