Proactive Steps To Strengthen Resilience for Businesses in the Building & Construction Industry

Australia’s building and construction sector has been hit hard post-COVID-19, facing a surge in business insolvencies amidst a disruptive economic climate. As the headwinds persist, the sector continues to grapple with unique challenges that highlight the critical importance of proactive financial management. In this article, we explore how small and medium businesses (SMBs) in the sector can take steps to avoid financial pitfalls and safeguard their business’s future.
Navigating financial perils: Insights from Simsai Construction’s $18 million breakdown

The recent collapse of Perth-based building company Simsai Construction is a clear example of the ongoing importance of effective financial management and proactive debt management strategies for small and medium business (SMB) owners and directors in the construction sector in this harsh economic climate.
This example illustrates the possible repercussions of inaction or unfortunate decision-making in the face of financial difficulties, with an estimated $18 million in debts and multiple stakeholders left in a precarious position.
Keep your QBCC licence when cash Flow gets tight.

As a builder, contractor, or tradie in Queensland, your QBCC licence is everything. It’s your ticket to stay in business and keep the jobs rolling in. But when money troubles start piling up, you risk losing that crucial licence that keeps your company’s doors open.
The Increased Importance of Proactive Debt Management for Businesses in Australia’s Building & Construction Industry.

The recent news of Viridi Group, a construction company in NSW, going into Voluntary Administration after having a multi-million dollar government contract suspended is yet another reminder of this harsh reality.