{"id":93081,"date":"2025-03-31T13:50:27","date_gmt":"2025-03-31T17:50:27","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=93081"},"modified":"2025-03-31T13:50:29","modified_gmt":"2025-03-31T17:50:29","slug":"business-insolvencies-avoid-pitfalls","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/cash-flow-management-and-financials\/business-insolvencies-avoid-pitfalls\/","title":{"rendered":"Business Insolvencies Are on the Rise: Avoid These 6 Pitfalls to Reduce Your Risk and Improve Your Financial Resilience"},"content":{"rendered":"\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>The way a business responds to either external and internal pressure \u2013 rather than the pressure itself \u2013 is often the difference between thriving and failing.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Successfully managing cash flow and debt are crucial to the ongoing viability of your business.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Expanding your customer base can help hedge against market trends and challenges.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Leveraging free business tools and the advice of an expert can help you stay ahead of issues and remain financially resilient.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><span style=\"font-family: 'Calibri Light', sans-serif\">&nbsp;<\/span><\/p>\n\n\n\n<p>Ever wondered why some businesses get off the ground easily, moving from start-up to thriving within a couple of years \u2013 while others fail? Business insolvencies surged in 2024, <a href=\"https:\/\/ised-isde.canada.ca\/site\/office-superintendent-bankruptcy\/en\/statistics-and-research\/insolvency-statistics-canada-december-2024?utm_source=chatgpt.com\">rising 28.6%<\/a> over the year before, with the construction, transportation, warehousing and hospitality sectors experiencing the biggest increase. In a mid-year study conducted by the <a href=\"https:\/\/cairp.ca\/cgi\/page.cgi\/_zine.html\/media-releases\/CAIRP_Q2_2024_Canadian_Insolvency_Statistics\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Association of Insolvency and Restructuring Professionals<\/a>, 386 Canadian businesses filed for insolvency each day in the second quarter of 2024.<\/p>\n\n\n\n<p>While a variety of external pressures can affect the solvency of a business \u2013 from high interest rates to inflation to tariffs \u2013 the way a business responds to these headwinds is often the difference as to whether it remains stable or runs into financial trouble.<\/p>\n\n\n\n<p>With 2025 bringing its own set of economic hurdles for Canadian businesses, recognizing the common mistakes that lead to insolvency can help you stay in the black and maintain a financially healthy operation. Keep in mind, being proactive is key. Taking the below steps today will be far more effective than waiting until you find yourself in a more vulnerable, or even desperate, position.<\/p>\n\n\n\n<p>Here are six common pitfalls that can lead to insolvency \u2013 and how to help avoid them:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1-losing-control-of-your-business-cash-flow\">1. Losing control of your business cash flow<\/h2>\n\n\n\n<p>Cash flow is the lifeblood of any business \u2013 so it stands to reason that losing a grip on it could lead to some financial distress. For instance, mismanaging cash flow could make it hard to cover expenses \u2013 from paying rent to covering payroll to making payments to suppliers \u2013 which could lead to penalties and interest, costing the business more.<\/p>\n\n\n\n<p>Poor cash flow management can also stunt the growth of the business. Little to no cash on hand can hold you back from acting on opportunities as they arise. And in tougher economic times, a lack of cash reserves could leave you without the safety net you need.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>Making your cash flow a priority is crucial. This involves continuously monitoring and forecasting what\u2019s coming in and what\u2019s going out \u2013 and reacting accordingly. Here are some tips to consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Stay on top of payments from your clients: Slow receivables can put your cash flow at risk. If you have clients who consistently pay late, it may be time to implement some early payment incentives (or late payment penalties)<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Monitor your inventory: Take note of what\u2019s sitting and what\u2019s selling and shift your product mix as demand changes. It can also be worth setting prices with cash flow in mind\u2014higher for fast movers, lower for slow movers<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Ask for deposits: If your selling cycle is long, putting you in frequent cash flow crunches, a deposit can help bridge you until the final product or service is delivered<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Use online and mobile banking: These tools can enable you to collect your payments quickly without scheduling a trip to the bank, giving you access to cash sooner<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Use forecasting tools: <a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/create-a-cash-flow-forecast.html\" data-dig-id=\"LP-93081-aff536e1\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Our Cash Flow Forecast tool\" class=\"rbc-link-format\">Our Cash Flow Forecast tool<\/a> to help you avoid cash flow shortfalls and generate a surplus<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-2-not-understanding-your-financial-position\">2. Not understanding your financial position<\/h2>\n\n\n\n<p>There\u2019s a difference between understanding that your business is facing financial challenges and understanding the \u201cwhy\u201d behind the numbers. Are you lacking competitiveness when bidding for jobs? Have your sales decreased? Perhaps your expenses have gone up and you\u2019re absorbing these increases rather than passing them along to your customers.<\/p>\n\n\n\n<p>Getting to the bottom of any issues with your financials is the key to fixing them.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>Do a financial deep dive. This involves gathering your financial statements, such as your income statement, cash flow statement and balance sheet to get some clarity on your financial position.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Graph your sales or business income in the last six months. What do you forecast for the next year? If the numbers are decreasing where is the bleed happening? For example, if you see slow turning inventory in a specific product, explore ways to unload it faster with discounts.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Calculate your expenses on a rolling monthly average. If expenses are rising, look at ways you can trim them or run scenarios where your price is increased to offset inflationary pressure on your margins and consider increasing your prices. Read: Thinking of Increasing Prices to Boost Your Business&#8217; Bottom Line? Ask Yourself 3 Questions &#8211; My Money Matters<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s also worth using ratios to calculate some key financial indicators, such as your profit margin, ability to service debt and whether your business has enough cash flow to meet your short-term obligations.<\/p>\n\n\n\n<p>Here are some ratios you can use to get to the root of your financial position:<\/p>\n\n\n\n<p><strong>+\/- Current Ratio<\/strong><\/p>\n\n\n\n<p>Also called Working Capital Ratio, this calculation indicates whether your business has enough cash flow to meet your short-term obligations, act on opportunities and look good in the eyes of potential lenders. It can also help you avoid cash flow problems before they surface.<\/p>\n\n\n\n<p><strong>How to calculate Current Ratio<\/strong><\/p>\n\n\n\n<p>Divide your current assets by your current liabilities. Ideally, your Current Ratio should fall between 1.5 and 2 \u2014 a ratio of 1 means you may not have enough money to last the year, while a ratio of more than 2 could mean you\u2019re not investing enough into your business for the future.<\/p>\n\n\n\n<p><strong>+\/-Debt Ratio<\/strong><\/p>\n\n\n\n<p>Your Debt Ratio shows the percentage of your business\u2019 assets financed by creditors. It\u2019s a ratio a lender will look at before lending money to your business, so it\u2019s wise to know this number before planning the year ahead.<\/p>\n\n\n\n<p><strong>How to calculate Debt Ratio<\/strong><\/p>\n\n\n\n<p>Divide your total debt by your total assets. A good Debt Ratio largely depends on your industry, but anything below 0.3 is considered fair. With anything above 0.6, it may be difficult to obtain additional loans.<\/p>\n\n\n\n<p><strong>+\/- Gross Profit Margin<\/strong><\/p>\n\n\n\n<p>This calculation shows you what percentage of your income is profit after paying for the cost of doing business. These costs include labour, materials and other production costs. While it can help you assess your company\u2019s financial health, it\u2019s best used to track your company\u2019s performance over time or benchmark your business against companies in the same industry.<\/p>\n\n\n\n<p><strong>How to calculate Gross Profit Margin<\/strong><\/p>\n\n\n\n<p>Subtract your expenses\/&nbsp;<a href=\"https:\/\/www.bdc.ca\/en\/articles-tools\/entrepreneur-toolkit\/templates-business-guides\/glossary\/cost-of-goods-sold\" data-dig-id=\"LP-93081-c4d0da54\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"cost\" class=\"rbc-link-format\">cost<\/a>&nbsp;of goods sold from your net sales (gross revenues minus returns, allowances and discounts). Then, divide that number by your net revenues and multiply by 100% to calculate the gross profit margin ratio.<\/p>\n\n\n\n<p><strong>+\/- Debt Service Coverage Ratio<\/strong><\/p>\n\n\n\n<p>The Debt Service Coverage Ratio (DSCR) is a key measure of a company\u2019s ability to repay its loans, take on new financing and make dividend payments. Different debt providers may have different numbers they like to see; however, the greater the value over 1.25 (125% coverage), the better. The key value in calculating DSCR is identifying your company\u2019s net income. If your business has a growth plan requiring investor\/lender assistance, it is important to maintain a strong DSCR.<\/p>\n\n\n\n<p><strong>How to calculate Debt Service Ratio<\/strong><\/p>\n\n\n\n<p>To calculate DSCR, divide net operating income by debt service, which is the sum of all current debts, including principal and interest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-3-focusing-too-much-on-the-details-not-the-future\">3. Focusing too much on the details \u2013 not the future<\/h2>\n\n\n\n<p>As a business owner, it\u2019s easy to fall into the trap of working \u2018in\u2019 the business rather than \u2018on\u2019 the business \u2013 that is, you get caught up in the day-to-day operations without taking the time to look up and see where you\u2019re headed.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>While running your business is of course vital to your success today, taking a step back is crucial for your success tomorrow and down the road. Understanding your financial position, forecasting future sales and updating your financial statements are all essential steps to steering your business out of the path of trouble.<\/p>\n\n\n\n<p>And don\u2019t forget your business plan! Consider this as a living, breathing framework rather than a document you create once and file away. A good rule of thumb is to update it at least once a year to ensure the plan is relevant and considers new market shifts, challenges or opportunities, and remains relevant to your business\u2019 core mission.<\/p>\n\n\n\n<p>Online tools can help make the idea of tackling your business plan less daunting. Use the <a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/business-plan-builder\/index.html\" data-dig-id=\"LP-93081-642da4db\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC Business Plan Builder\" class=\"rbc-link-format\">RBC Business Plan Builder<\/a> to create or update your plan using an easy template and intuitive questions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-4-taking-on-too-much-debt\">4. Taking on too much debt<\/h2>\n\n\n\n<p>While credit can help cover financial gaps at times, relying too much on credit can lead to mounting debt that is difficult to pay back. Interest costs can add up and businesses may find all their revenue is being funneled into debt repayments.<\/p>\n\n\n\n<p>Too much debt can also lead to reputational damage \u2013 suppliers, banks and investors could lose confidence, making it harder to secure financing when it\u2019s needed most.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>Incurring debt is inevitable for business owners \u2013 the trick is to limit and structure it so that it\u2019s manageable \u2013 even when times are tight. Here are some strategies to consider:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Restructure existing debt: Consolidating multiple, higher-interest rate debts (i.e., credit card balances) into a single, lower-interest rate solution (i.e., line of credit) can reduce your interest costs and simplify your debt repayment<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Consider other funding sources: Non-repayable government grants and incentives can provide funding for businesses looking to expand, create jobs, advance innovation, launch environmental initiatives and more. Take a look at our article&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/managing-your-business\/business-financing-and-funding\/5-ways-grants-can-help-grow-your-business-in-2025\/\" data-dig-id=\"LP-93081-29ae418d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"5 Ways Grants Can Help Grow Your Business in 2025\" class=\"rbc-link-format\">5 Ways Grants Can Help Grow Your Business in 2025<\/a>&nbsp;for more information about using grants to advance your business.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Talk to your bank: An advisor can help you work through your debt, present financing solutions and identify ways to relieve current pressure.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>5 min read: <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/start-a-business\/should-you-borrow-to-help-grow-your-business-6-questions-to-ask\/\" data-dig-id=\"LP-93081-a6bd89b0\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Should You Borrow to Help Grow your Business? 6 Questions to Ask\" class=\"rbc-link-format\">Should You Borrow to Help Grow your Business? 6 Questions to Ask<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-5-patchwork-business-financing\">5. Patchwork business financing<\/h2>\n\n\n\n<p>Are you taking from Peter to pay Paul? Shuffling money around to cover shortfalls in various areas can lead to a vicious \u2013 and unsustainable \u2013 cycle. Eventually, the money can run out and leave you unable to meet your obligations.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>Consolidating debt and considering other financing methods can again help in this instance \u2013 as can drawing on your established business relationships.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Work with your suppliers: You may be able to work out modified payment plans that can help you get over a crunch<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Examine your personal situation: Can you reduce the amount of money you pay yourself from your business in the short-term?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Keep your business and personal finances separate: As you review your personal situation, evaluate whether you have good separation between your business and personal accounts and assets. If you need to return business assets due to financial difficulties, you want to ensure your personal property is protected.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Reach out to an advisor: They may have other ideas that can help you shore up your balance sheet and plug any holes that are threatening your business. It\u2019s important to be transparent here \u2013 your advisor can only help with solutions if they know there is a problem. To that end, be sure to have your financials on hand to make the most of your discussion. Even mid-year numbers will be able to help your advisor guide you.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-6-revenue-dependence-on-a-narrow-client-base\">6. Revenue dependence on a narrow client base<\/h2>\n\n\n\n<p>If you\u2019re dependent on a single market or customer base, you\u2019re opening yourself up to risk. What if that market falls through? If they find an alternate supplier or their needs change, you may find yourself low on buyers.<\/p>\n\n\n\n<p><strong>Solution<\/strong>:<\/p>\n\n\n\n<p>Even if your market seems strong now, it\u2019s important to diversify to spread out your risk. It\u2019s also important to stay informed about market trends and adapt your business model to respond to industry-specific challenges.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/small-business\/marketing-to-customers\/\" data-dig-id=\"LP-93081-89480756\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Turning Point: Real Entrepreneurs Share Their Marketing Secrets for Growing a Customer Base.\" class=\"rbc-link-format\">Turning Point: Real Entrepreneurs Share Their Marketing Secrets for Growing a Customer Base.<\/a> <\/p>\n\n\n\n<p>If doing business internationally is an option for you, you can leverage tools and insights to help you identify global markets. If you have been relying on the U.S. market, now may be the time to explore opportunities in other countries. The <a href=\"https:\/\/thoughtleadership.rbc.com\/trade-hub-insights-on-how-canada-can-build-a-resilient-economy-and-fortify-north-america\/\" data-dig-id=\"LP-93081-812ba056\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Trade Hub\" class=\"rbc-link-format\">Trade Hub<\/a>, a new digital platform, aims to highlight opportunities for Canada in this new economic order.&nbsp;<\/p>\n\n\n\n<p>In challenging economic conditions, it\u2019s important to improve your financial resilience to reduce the risk of insolvency. Understanding the common pitfalls \u2013 and the solutions that exist \u2013 can help your business stay healthy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses are facing unique economic hurdles in 2025 \u2013 is yours healthy enough to face them?  Recognizing the common mistakes that lead to insolvency \u2013 and the solutions that exist \u2013 can help your business stay healthy.<\/p>\n","protected":false},"author":132,"featured_media":93080,"parent":57333,"menu_order":0,"template":"wp-custom-template-optimizely-mmm","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,157],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[70],"rbc_mmm_category":[309,305,334,386,302,324,326,390],"class_list":["post-93081","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-entrepreneur","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-intermediate","rbc_mmm_category-bankruptcy","rbc_mmm_category-business","rbc_mmm_category-business-bankruptcy","rbc_mmm_category-cash-flow-management-and-financials","rbc_mmm_category-debt-stress-relief","rbc_mmm_category-managing-your-business","rbc_mmm_category-right-sized-business-advice","rbc_mmm_category-small-business"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Businesses are facing unique economic hurdles in 2025 \u2013 is yours healthy enough to face them? 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