If your business is struggling to pay its debts, you may be experiencing uncertainty about how to fix the problem. This can lead to stress, anxiety and a worsening of the situation. If this sounds like you, a business health check will give you a better understanding of your company's financial position.
You may be feeling isolated, but you are not alone. Many Australian business owners are in a similar situation, struggling to meet tax payments, pay suppliers and even wages. Consequently, operations continue, hoping there’s enough profit left to draw a personal wage and pay for living expenses. However, this situation is not sustainable and just wishing things will get better will not fix the problem. Taking action early is key.
Seek Professional Advice
Your first step should be seeking the right professional help. Obtaining advice is not a weakness; it takes courage and strength to make that call. Consulting a professional allows you to share what you’re dealing with and look at options to help you make an informed decision about the future of your business. The right help should aim to understand your business operations and the key drivers for successful business performance. Ignoring problems your business is experiencing can be risky. Debts can spiral out of control and as a company director; you may end up personally liable or bankrupt.
There are a few places to turn to get the right help for your business. Your accountant and lawyer can be a good place to start the conversation. This will generally lead you to specialist turnaround advisors, business debt advisors or insolvency professionals. At Revive Financial, we have all three, as well as strong relationships with legal and finance professionals. Our qualified team of professionals can deliver end-to-end advice on business turnaround and debt management services.
Often, troubled business owners speak to various professionals and receive conflicting advice that can be complex, overwhelming and is often not confirmed in writing. You may end up right back where you started – stressed and confused about what to do. The right professional advice will help you understand the problems in your business, offer ideas to solve them and guide you towards implementing the right solution.
The Revive Financial Business Health Check Report
To help our clients better understand the business debt solutions available to them, we have developed a business viability report. Our tailored report is produced with a fast turnaround. It includes a comprehensive analysis of your business’s financial health, outlines the options available to you and provides guidance to make the right decisions for your business moving forward. To accompany this, we walk you through any complex issues in the report and look at strategies to achieve your preferred business outcome.
If you require financial advisors, financiers or lawyers to implement your plan – we can put you in touch with the right help, or work with your existing advisors. If you need to gain clarity and take control of the future direction of your business – call us now on 1800 534 534.
For more information on business turnaround and restructuring options for business debt, check out our information page here.