If you’re finding it difficult to deal with your business’ debts, it may be time to assess your options for help
For most businesses, particularly small businesses in Brisbane, debt is a necessary part of normal operations. However, despite the important role played by debt in making the businesses world go round, too much debt can also cause problems. It can stifle a company’s cashflow and diminish its ability to meet its financial and moral obligations. Continued difficulty in repaying debt can seriously endanger a business’ financial health and future existence.
Business owners and company directors should know exactly when their company is experiencing financial distress. The best thing you can do is take action straight away to manage what you owe before it becomes unmanageable. To do this, it’s best to seek professional advice as soon as you recognise the early warning signs of insolvency.
3 Options for Tackling Your Business Debts
Business Debt Options
At Revive Financial, our Brisbane-based team offer a free business health check and confidential consultation to businesses struggling with debt. We take the time to understand your situation and find the best option to help you and your business move forward.
Beware of these Early Warning Signs of Insolvency
Inadequate cash reserves
It’s important to have cash reserves in place to deal with unexpected events, fund growth strategies and leverage opportunities as they arise. If there is no cash reserve, your business may be experiencing financial difficulties.
Poor cashflow management
If your business fails to manage cash flow strategically, it could lead to catastrophic events. This includes losing major customers, paying increased interest rates or correcting ineffective control systems.
Inability to access finance
Not being able to access finance from banks because it’s deemed too risky is a sure sign of insolvency.
No clear business model
If you can’t clearly articulate who your customers are, how you make money and where future growth will come from, then it’s unlikely to be well managed.
Revive Financial Can Help Alleviate Your Debt Stress
Having unmanageable business debts does not necessarily mean the end for your business, however, it is encouraging to note that seeking expert advice early on could turn your business around.
At Revive Financial, we take the time to assess your business’ financial situation so we can recommend the best business debt solution moving forward. Our professional and caring staff have years of experience helping thousands of businesses in Brisbane and surrounds get back on their feet and return to financial stability.
Get in touch with our Brisbane team today on 1800 861 247 for a free, no obligation consultation to see how we can help your business thrive.