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Spotting Smoke & Mirrors!

Don’t get stiffed in 2024!

Why is it that used car salesmen, estate agents and property people all get a bad rap? To be fair, there are some seriously bad ones that give everyone else a bad name!

I am sure we’ve all seen the programmes on slum landlords, rogue car traders and shady salesman. 

Social media is a world of smoke and mirrors, the biggest veneer to create a respectable shine, start scratching under the surface and do your homework.

Do you know you can follow companies on “Companies’ house”, and it is FREE! Just search the company you want to follow and select FOLLOW THIS COMPANY! Simples!

Plus you can search for individuals too!

An alert we had on a company popped up recently showing they were in administration, owing a big chunk of money! Smoke and mirrors… 

I cannot stress enough the importance of companies’ house. While often it is too late, by monitoring a company you can pick up on some early warning signs.

A few things to look out for:

⚠️  Multiple changes of Directors in a short time.

⚠️    Late filing of company accounts.

⚠️    An increase in the number of charges / borrowings being taken out with no obvious reason.

⚠️   A debenture in place to a preferential creditor and / or unexplained inter company loans.

There are also some more subtle signs: 👇
 

❌ Not paying supplier invoices on time.

❌ Excuses as to why they can’t pay you.

❌ Delayed replies to emails.

❌ Standards start to slip, projects over run.

❌ High staff changes.

❌ Not returning phone calls.

Remember, do your homework and don’t get stiffed in 2024

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