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'business difficulty' is correct and usable in written English.
You can use it to refer to difficult situations encountered in the course of managing a business, such as financial losses, legal issues, or negative public opinion. For example: "The company has been facing severe business difficulties lately, and may be forced to close down operations soon."
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The business difficulties can, though, already be anticipated.
Like many other telecommunications companies, Nextel has had recent business difficulties.
A funeral parlor owned by the group also had business difficulties.
Shares in Chesapeake have been battered by both the company's ongoing business difficulties and concerns about its corporate governance.
While in Thailand, Michel falls in love with Valérie, an employee of the tour company, which is in business difficulties.
The latest tranche of business difficulties follow the collapse of HMV, Blockbuster and Jessops at the beginning of the year.
At Bertone, too, the death in 1997 of the founder, Nuccio Bertone, ushered in a period of family conflicts and business difficulties.
He later returned to a commercial school in Trieste, but his father's business difficulties forced him to leave school and become a bank clerk.
And Lebedev has faced business difficulties that many observers link to his support for Novaya Gazeta, which is co-owned by another critic of Putin, Mikhail Gorbachev.
Grady sums up Sweetback's business difficulties by saying to his brother, "We need ends," using a slang word for money.
You were right to inform him of your plans for confronting your business difficulties, but you need not indemnify him for failing to be similarly prudent.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com