Small business owners experiencing financial difficulties are often leaving it too late to seek help from a trusted advisor before going bust.
That’s one of the key factors contributing to small business insolvencies being explored by the Australian Small Business and Family Enterprise Ombudsman’s Insolvency Practices Inquiry.
Ombudsman Kate Carnell says it’s vital for small businesses to recognise the signs of financial distress and seek help as quickly as possible.
“We know this is an issue that is important to the small and family business community because there has been an overwhelming public response to our inquiry,” says Ms Carnell.
Lean on trusted advisers
Ms Carnell says it’s vital that small and family businesses lean on their trusted advisers when financial concerns arise.
“They don’t have to go it alone,” Ms Carnell says.
“The sooner small and family businesses get help, the more likely it is they can achieve a more favourable outcome.”
Have your say
Ms Carnell says the inquiry is keen to hear from anyone who has been through a restructuring or insolvency to help inform their interim report, which will be released in December ahead of the final report in February.
She says the inquiry has already received 230 survey responses and 20 submissions and expects that number to grow.
In the meantime, if your business is going through a rocky financial patch and you’d like to explore your options, get in touch. We’re always happy to help out. Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.