Following our recent post providing a 6 Step Program for accountants to help their SME clients revive and survive, here are three practical checklists to identify which clients might need help and then how to help those clients. These checklists may also prove beneficial for direct use by SME shareholders and directors. 1. Checklist for [...]
Accountants are in high demand at the moment with Stimulus, JobKeeper and the regular final cycle of the year-end tax work. However looking not too far forward many at risk clients will be also looking to their accounting firms for help with their survival and then revival programs. There may even be some inward consideration [...]
Here are 8 ideas for small business to revive and survive in Corona times. 1. How the government has reacted to support businesses through COVID-19 All levels of government have acted swiftly to support businesses through COVIF-19. The Federal Government through their two stimulus packages have provided the following relief for businesses: Increasing the asset [...]
Many of the historical rules which came into play when a business was having financial problems have been altered. Governments all around the world have created and commenced a variety of programs to counter the economic consequences of having to shut down large sections of the national economies. Below is a table showing how a [...]
Restructuring is a formal process where your business – whether it’s the areas of operations, legal structure, debt, or some other aspect – is rearranged to make it more profitable or better able to achieve desired performance levels. Typically, businesses entering restructuring are those already experiencing some financial issues. In this case, a budget can [...]
Company directors in Australia have a statutory duty to prevent insolvent trading. With the introduction of Safe Harbour rules in 2017, the nature of this duty has been slightly changed. So, what are the Safe Harbour rules and how do they impact company directors? We explore this in detail below. Understanding the Safe Harbour law [...]
What a business owner can do if their business is struggling? Referring from an article from Grant Field for Smart Company Summarising this article, it is often easier to look back after a business has failed and identify why, than it is to save a business from failing in the first place. Business founders usually have not [...]
Woolworths is announcing a restructure to face Aldi Competition. It's time for this giant to become more competitive. Woolworths is cutting 500 jobs and closing 30 stores. The group is also looking to sell the struggling supermarket chain, EziBuy. The moves to make the supermarket chain more efficient will mean restructuring costs of $959 million. Woolworths [...]
