Avoiding financial blind spots: tips for small businesses in building and construction
The volatile economic environment for Australia’s building and construction industry remains a significant concern for small business owners. The survival of smaller construction businesses and subcontractors, in particular, will depend on effective financial management, strategic planning, as well as further government support post-pandemic to navigate these difficult times.
Feeling the pinch? How the latest CPI data impacts your small business
The recent release of the Consumer Price Index (CPI) data by the Australian Bureau of Statistics (ABS) for the June quarter of 2024 (Q4 FY24) sheds light on the current economic climate and its implications for small and medium businesses (SMBs) in Australia.
As a business owner, understanding these insights is crucial for making informed decisions and adapting to the evolving economic landscape.
Essential cash flow tips every small business owner should know
More and more Australian business owners are feeling the impact of tighter cash reserves and rising costs. In the current economic climate, it is imperative to face cash flow issues early to avoid financial distress.
Demystifying debt restructuring for small and medium business owners
As a small business owner or director, navigating financial challenges can be a daunting and stressful experience. When faced with mounting debt and cashflow problems, it’s crucial to understand the various debt restructuring options available to you.
Thriving one day, insolvent the next: the collapse of a 50-year-old business
The recent collapse of Pact Services Group, a Victorian-based business consisting of eight companies, has left over 100 creditors owed more than $2 million. The group, which had been operating for nearly 50 years, specialised in solar, heating and air conditioning services.
Negotiating with the ATO: strategies for small business owners
As a small business owner in Australia, navigating the complexities of taxation and dealing with the Australian Taxation Office (ATO) can be a daunting task. However, understanding your rights and obligations, as well as employing effective negotiation strategies, can help you manage your tax affairs more efficiently and avoid potential disputes.
Accountants: How Small Business Restructuring (SBR) can provide a lifeline for business owners after EOFY
As small and medium business owners prepare for the new financial year, many are grappling with the challenges of mounting debts amidst trading difficulties and enduring economic uncertainties. This is where the Small Business Restructuring (SBR) process can provide struggling businesses with a much needed second chance.
Reinforcing retailer resilience: lessons from Godfreys
The Australian retail industry has been undergoing a transformative phase, driven by factors
such as increased competition, the growth of e-commerce and evolving consumer
preferences.
These changes, alongside economic pressures – such as a 15.8 per cent* increase in inflation since 2020, high interest rates, a growing business cost-crisis, plus a downturn in consumer spending – have created a complex environment for retailers to operate within, especially traditional brick-and-mortars.
Setting your small business up for success in FY25
As Australian businesses navigate increasing cost and trading challenges, the start of the new financial year is a ripe time to re-evaluate your business position, redefine goals and establish realistic budgets.
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.
