How to Manage Your Business in Difficult Times

• Stop what you are doing and take stock of where you are at in your business.

• Understand your business fundamentals: your financials – is your business profitable or just relying on revenue to keep it afloat?

• Prioritise and ensure these key expenses are being paid – your tax, rent, staff, super contributions and your suppliers. If you cannot meet these key expenses, you may be engaging in insolvent trading.

• Advice: if you are unsure of the business’s financial position, get advice from your accountant, your business lawyer or an insolvency practitioner – they can give you objective advice and a strategy to go forward.

• Support: the State and Federal Government have support services available that you may be able to access, such as the ATO.

• Communicate: the earlier you communicate with your suppliers, landlord or the ATO, the better, as it will buy you time to work on a plan to get you through.

There is also the Small Business Debt Helpline, 1800 413 828, a free and confidential service where financial counsellors can provide helpful advice.

Sanicki Lawyers support our business clients through the good times and the bad, and we can assist you as Business advisors and, if necessary, refer you to specialist advisors to help support your business

Robert Toth, Special Counsel I Accredited Commercial & Franchise Law Specialist | robert@sanickilawyers.com.au