Congratulations on taking the steps that can make a significant difference to your business future and the options you have ahead.

Apply these key actions and start looking forward to solutions.

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ACTION 1. Acknowledge there is an issue

Sometimes in business you can be so busy keeping your head above water that you miss key signals that your business is sinking into trouble.

When you think that your business challenges are at risk of getting the better of you (or if you think that may already be a forgone conclusion), take a pause and take stock of your current business conditions and performance. Key signals that trouble is brewing include:

  • Needing to request special payment arrangements with trade creditors;
  • Withholding payments due to cashflow shortfalls;
  • Reaching or going over your overdraft limit.

If you recognise some of these warning indicators in your business, there’s no need to hit the panic button immediately. Prioritise some time that you can step away from the business and get a clear perspective. Use this time to identify some options for addressing the issues.

One of the most tried and tested ways to approach this is to draw up a list of pros and cons for remedies that you can apply to each issue. Trust the process and thoroughly consider and explore each option.

Most importantly, accept that there is no greater priority in your business right now than taking the time to think through how you can start addressing the issues. The sooner you adopt a solutions focus, the better chance you have of being able to turn these issues (and your business stress) around.

ACTION 2. Find the key pain points

The adage that ‘the squeaky wheel gets the oil’ is never truer than in times of business stress. When the pressure on you is mounting, it can be easy to be distracted by and reactive to those who are the noisiest.

To ensure that you are dealing with the most important priorities first, make a list of the key pressures you are facing. (If you’ve gone through Step 1, chances are this list is already complete).

Once you have your list, rate them in terms of gravity and urgency. Some examples of more urgent pressures include:

  • Has a creditor taken or threatened to take legal action?
  • Have you received a winding up notice?
  • Are your Business Activity Statement (BAS) or Instalment Activity Statement (IAS) lodgements outstanding?

These types of pressures are the ones that you should address first, as they are the ones that will become more complicated the longer they are ignored.

ACTION 3. Let the experts help you

Running a successful business takes more than just experience and know-how in your specific product, service or industry niche. It also takes leadership, management, financial, business development, business systems and human resources nous. Sometimes, these skills are beyond your core areas of expertise and experience.

Try not to be overwhelmed by this ‘laundry list’ of necessary professional skills. The most successful business owners are the ones who surround themselves with the experts that can offer advice and guidance on these matters.

When it comes to dealing with business stress and turn around, professional restructuring advisors know the questions to ask and the strengths and weaknesses to look for within your business so that you can get back on track. They help you to recognise the issues and prioritise the pressures and they can guide you on the best approach for moving forward, so seek out the help that is available.

The expert restructuring team at Bentleys have extensive experience dealing with businesses in distress and stakeholders such as creditors, financiers, ATO and ASIC. This means that we can help you to face and conquer the challenges and issues that seem insurmountable.

We don’t offer “band-aid” solutions -we provide commercial, structured advice at every point to help you to achieve long-term outcomes.

Over our long history working with businesses of all shapes and sizes tackling tough business challenges we’ve seen the most positive outcomes for those who take action and start putting solutions in place sooner rather than later.

Our clients often tell us they wish they had acted sooner and not hesitated to seek help.

Find out more about our Insolvency and Restructuring Solutions

It’s never too early to get in touch and have a no-cost introductory chat with one of our expert advisors.

We’re confident that we can help to make a significant difference to the options you have ahead.

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