With the recent rise in failures and liquidations of small business as well as established businesses it leads us to look at the cause of these failures.
Despite the wealth of resources available to managers and owners, this has not stopped the amount of businesses entering into administration.
Deficiencies in management skills, failure to plan and a lack of experience remain as the primary reasons causing small businesses to fail. Couple this with the lack of capital and financial controls will always end in disaster.
Some of the early signs showing that your business maybe in trouble are:-
* Inability to pay debts on time
* Inability to pay your ATO debts, including group tax, GST and Income Tax.
* Late payments
* Lack of communication
* Pending Legal action
* Bounced cheques
* Being highly geared
* Using credit to pay creditors
* Forced disposal of assets
* Poor investment decisions
If you are experiencing some of these issues above or suspect that your business is struggling, you should contact us straight away to discuss these issues.
