Great advice from Karen Ng of 10X Brisbane
Here is a quick list of a few signs that a business may be struggling and where advice should be sought quickly:
- Has your business had ongoing losses?
- Are you struggling with cash flow?
- Have you never had cash flow budgets or profit and loss budgets?
- Has your current business plan become outdated or is not existent?
- Are your debts increasing?
- Are you keeping up with your employer obligations?
- Have you had to stretch your creditors?
- Are you financial records Incomplete?
- Do you have little to none internal controls?
- Have your ATO debts increased?
- Have you received any Solicitors demand letters, summons etc.?
- Have you had to increase your overdraft limits?
- Have you had any pressure from your bank?
- Have you lost Key management personnel?
- Have you defaulted on any payment plans?
If you answered “YES” to any of these questions, your business is probably experiencing some financial difficulties and you should seek help. I urge you to contact you business advisor, your accountant or your lawyer and seek ways to remedy this situation and plan for survival and growth versus just sticking your head in the sand wishing it to go away.