Talk to your bank as you rebuild your financial future.
After experiencing financial difficulty, you may be focusing on getting your business back in shape.
If your business payments and commitments are now under control, then it’s essential to take stock of what else has changed and accept how you may need to adjust your business and financial habits. You could also seek independent advice from an accountant or business advisor about restructuring your business.
If you are recovering from a business closure, support is available to help you transition from running a business to employment.
JobActive is a government program to help people back into work and you can find more information on their website.
Helping you to move forward after financial difficulty
While getting back on track may appear to be a tough task, there are several steps you can take to help get your finances and wellbeing back on track.
Assess your situation
The best way to start is to assess where you stand right now, and where financially you’d like to land in the future.
You need to consider your income, your expenses, the debt you are managing, and the savings you have to support you.
Just working through each day may seem a challenge after suffering a significant business loss. However, getting your finances back on track will require you to have a positive attitude and believe there’s light at the end of the tunnel.
Adjust your budget to your current situation
The Australian Government’s business website includes guides and tutorials to help you plan and run your business including budgeting advice.
Doing this will give you a better understanding of how much you can save or where you can make some cuts in your spending to improve your business’ financial health.
Set realistic goals
Naturally, you’ll want to get your finances back on track as soon as possible, but you’ll have to be patient and face certain realities, especially if you’ve suffered a major financial disruption.
For example, you may need to improve your credit score if you want a loan to refinance your business.
Learn more and seek advice
Learning more about the fundamentals of managing business finance will help you bounce back and make more informed decisions in the future.
There are plenty of online resources that cover various aspects of business finance and managing debt. Working with a financial or business advisor is also a good way to guide you back to financial recovery.
The Australian Government’s business website includes guides and tutorials to help you plan, start and run your business.
You can also talk to your bank about how they can help get your business back on track.
Beyond Blue’s NewAccess program is designed to support small business owners manage life stress by providing up to six structured sessions with a trained mental health coach who has a background in small business. The program is available nationally and can be accessed via phone or video call.