Each year the team notices an uptick in businesses suffering financial difficulties prior to the Christmas break. For some businesses there is an attempt to hold on, to try and see if the new year will bring the necessary change to be able to break a financial problem.

If your business is under pressure, now (and by now we mean the start of December) is the time to understand your financial position, especially with the increase in staff penalty rates during the Christmas period, the number of public holidays and the general decline in turnover over the quiet period. Examining how things are looking and what your options are is important to ensure that any necessary steps can be taken now.

Making the decision to take steps is not one made lightly, and for some businesses there may be both a personal and financial impact, but it may be better than the alternative of blindly following through another period of tough trading and additional costs. In our discussion on delusions of a turnaround we look at some of the issues that people face.

Craig has worked closely with businesses that are in financial difficulties and can assist in the development of a structure that deals with your business and the options available.