Keep your business afloat in today’s economic storm & what to do if you can’t!
Government financial aid has dried up exposing your profitability and potential insolvency. We de-mystify this “I” word, what it means to be insolvent and give you clear solutions so you can sleep well at night and get your mojo back to focus on your business. Pick up valuable tips to protect your business and personal assets in a volatile and increasingly adverse business environment.
A must for every business owner under threat from surging inflation in material supply charges, labour and energy costs, supply chain blockages, labour shortages and increasing interest rates. The signs your low cash flow is not a short-term hiccup but a symptom of a larger problem that must be treated to limit the potential for business failure. How best to address a downturn in trading performance before it’s too late, and if business failure looks inevitable, what you can do to mitigate the damage to your business and personal assets whilst avoiding breaching your directors’ duties laid down in the Corporations Act.
We talked about:
1. Why are we in an economic storm right now?
2. Has this economic storm created the perfect storm for business insolvencies?
3. What is the definition of Insolvency ?
11 minute watch.
The full webinar has further discussion on:
The checklist (Ten red flags of a business at risk of insolvency)
1. Negative Working Capital
2. Director loans & excessive drawings
3. Disorganised bookkeeping & lack of financial reporting
4. Unpaid statutory obligations, rental arrears & staff entitlements
5&6. Paying suppliers in round sum instalments causing higher accounts payable.
7. Problems selling trading stock
8. Alternate bank account with a different bank
9. Customers aren’t paying
10. Unable to access alternative sources of finance
You can watch the full recording and download the checklist for this and ALL our Stop the Noise Webinars in the Better Business for Good Company Business Knowledge Bank Facebook Group.
It’s free to join. click the link below
Meet the Panelists
Andrew has 25 years of experience as an insolvency, reconstruction and business turnaround professional. After working for two major firms from 1997 to 2006, Andrew commenced IRT Advisory and has since been appointed as external administrator to hundreds of companies in diverse industries Australia wide.
Andrew is a registered liquidator, a Fellow of CPA Australia, a member of the Australian Restructuring, Insolvency and Turnaround Association (ARITA) and a member of the Association of Independent Insolvency Practitioners (AIIP).
Andrew undertakes:
- creditor- and debtor-initiated insolvency appointments
- reconstruction and turnaround engagements, including small business restructuring
- advocacy services to directors of companies in financial distress
- expert reports dealing with solvency issues for use in litigation support
Chris helps business owners solve their cash puzzles so they can build the business of their dreams ! He brings passion and curiosity to guide your business to success by providing financial information that is simple, clear and ready for your decision making including
- Financial Reporting & analysis of your key business metrics
- Cash Flow Forecasting
- Maximizes your Working Capital
- Creates finance procedures & ensures your business risk is controlled
About the Stop the Noise Webinar Series
Each week Expert Panel members of the BB4G Business Advisors Alliance conduct a webinar on HOW TO RESOLVE a business challenge or issue that they see small business owners struggling with.
Each webinar consists of THREE parts:
- An introduction to the topic , who it impacts and why it matters
- A step by step HOW TO guide that you can implement right away to resolve the issue or challenge in your business
- An open Q & A segment for everyone who attends the webinar in person (Numbers of attendees are limited so everyone can participate)
All registered guests receive access to the recording of the webinar and downloadable HOW TO Guide.
Join the BB4G Knowledge Bank Facebook Group to be notified of new webinars when they are released.