“When so many businesses are already under pressure, even relatively small changes to operating costs can make a difference to whether a company remains viable,” Ms Monks said.
“The Budget will matter, but business owners cannot afford to put off difficult decisions while they wait to see what the Chancellor announces.”
She highlighted several warning signs that require immediate attention.
“The biggest mistake is often waiting until there is no money left to act,” Ms Monks said.
“If you are struggling to pay suppliers, falling behind on tax liabilities or relying on incoming payments to cover overdue bills, those are warning signs that need attention now.”
Ms Monks urged firms not to assume the Budget would rescue them or inevitably make their position worse.
“The earlier you act, the more options you may have to negotiate with creditors, restructure debts or change how the business operates,” she said.