Business survival

Technical experts with a flair for entrepreneurship are the key new business starters in Australia. Here we examine what success looks like for these types of business.

While big business get all the media attention, the Australian economy is driven by small businesses. Here we look at some of the challenges for small business, and suggest some ideas to help them in their business journey.

The majority of Australian businesses are expertise-driven. We look at some of the difficulties that face expert entrepreneurs and what they can do to get on the right path for business success.

A major contributor to financial distress for small to medium-sized enterprises (SMEs) in Australia is poor budgeting. Here we look at a useful budgeting technique — the ‘three factor’ budget/forecast, and how this can be used by distressed businesses to turn things around and avoid insolvency.

Minority shareholders in Australia are generally beholden to the majority shareholders. However, in some cases, minority shareholders of private companies do have recourse available to them. In this blog article, we look at the ‘minority shareholder oppression remedy’ available in section 232 of the Corporations Act 2001 (Cth), and the orders available to the Court in enforcing that remedy.

When a business struggles, change is needed to get that business moving in the right direction. One tactic that could be implemented is increasing prices.

Cashflow refers to the movement of money into and out of business, and it is one of the essential financial indicators for the business. This is why a proper financial record keeping is so important.

A business turnaround is about getting a business moving in the right direction. Survival is the hopeful outcome of any turnaround process. Survival is a change in the challenged business for the better. It is the process by which a business in financial crisis is transformed into a viable entity.

Running a business can be tough and no matter how prepared you are, there will always be hurdles along the path. As such, recognising the type of problem that you’re dealing with is vital in determining what strategy should be implemented to respond to a financial crisis. A helpful starting point is to consider whether the problem is an inside problem or an outside problem.

When your business is in trouble you often feel as though the end is inevitable. But even in the toughest of situations, there is often still options available.

Is your business struggling? Are you losing significant market share or are your margins too small? What next?

Wage theft is the underpayment of employees. Wage theft can occur in a number of ways, for example underpaying wages, not granting entitlements or refusing to pay penalty rates, superannuation, overtime or commissions.