There are some very common tell-tale signs of when a business is under financial distress and heading for trouble. As a business owner there are some key aspects to running your business that you must proactively manage.
Bruce Gleeson from Jones Partners explains why managing cash flow and your compliance obligations are fundamental in avoiding business failure.
A key is to "get more business to really engage with trusted advisors and make the most of their business opportunity. Because quite often, outside of them buying a home, operating a business is the biggest other investment, both emotionally and financially that they're going to make."
In general business owners leave it way too long before they seek help. With 80% of corporate insolvencies in Australia involving businesses that employ less than 20 employees, there is a lot of opportunity to educate and equip small business owners to avoid the common causes of business failure.
Bruce Gleeson is a Director and Owner in Jones Partners, a Firm that provides tailored solutions to companies (particularly small to medium enterprises) and individuals in financial difficulty or that require restructuring assistance, exit planning advice or general strategic advice.
He has in excess of twenty (25) years in corporate insolvency, restructuring, exit planning and bankruptcy experience. Bruce has also held roles in commerce with several Top 100 Companies (James Hardie and AMP) to further add to his professional skills in areas such as compliance and project management.
Bruce is a Registered Liquidator, Registered Trustee in Bankruptcy and a Justice of the Peace (NSW).
Bruce actively encourages business owners and individuals to seek professional assistance at the earliest time when they may be facing insolvency or bankruptcy. This optimises the range of options available and can quite often enable an informal restructuring or turnaround solution.
Irrespective of the nature of the insolvency, restructuring or bankruptcy matter, Bruce believes that effective communication with all parties including business owners, employees, creditors and other stakeholders not only reduces anxiety levels for those concerned, but also enables financial hardship to be appropriately dealt with, as well as enhancing the possibility of recovery for creditors.
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