Are you surviving on hope? Will Your Business Survive the Next BAS?

Will your business survive the February BAS demand, the post holiday lull & unexpected natural disasters? Our Tax Debt Advice helps you shape up & survive
Hamster Working Continous Wheel

Hope is not a business strategy. Businesses do not survive on hope. How do we know? Because every year, tens of thousands of businesses across Australia fail, and according to Adam Parkinson of thesolvers.com.au, there is one big reason why; failure to change when a strategy is not working.

Adam adds, “Most business owners don’t go into business to run a business; they go into business because they are good at something and want to determine their destiny. But running a business is hard, and things can build up and spiral out of control.”

“As we head to the end of a BAS period, we will see businesses who keep doing what they have always done getting the worst result possible; going to the wall.”

Business Tax Debt Advice

James Flaherty of thesolvers.com.au says February is a big month for business owners with BAS Payments due to the ATO. And there is no doubt the pressure will be felt up and down the country. He’s expecting big demand for business tax debt advice.

“Turn on the news!”, he says. “We see sectors struggling across Australia. Retail, hospitality and tourism, construction and transport have all seen tough times, and things may get worse before they get better.”

James continues, “Hopefully support will come for many businesses impacted by natural disasters and travel bans, but that won’t save businesses that were already in trouble.”

In response Adam says, “It doesn’t matter if the ultimate failure is due to tax debt, if they can’t pay their bills or if there’s a lack of cash flow to pay staff. Business owners will have seen the signs. If they have not taken action, then the repercussions can be swift and possibly severe.”

“We’ve all seen pictures of a hamster on a wheel, rapidly going nowhere and many business owners are unknowingly stuck on the wheel. Day after day they do the same things they have always done, going in the same direction, so, they don’t get anywhere.”

“The worrying thing is, they believe that each day something different will happen; it will not.”

What to do?
But, if business owners act quickly, they can break the cycle before it is too late. Adam has helped business owners across Australia regain control of their business by putting in place strategies and tactics to help their business last and prosper. His approach is to:

  • Stabilise – get some business tax debt help to put things on an even keel, and refinance business debts.
  • Solve – find the problems and work with owners to fix them.
  • Support – getting help keeps owners on the agreed track once things are going better.

Tax Debt Advice

Adam has legal qualifications and business skills he uses to negotiate with people who are owed money (like the ATO) and he helps source lending for business and tax debts. His goal is to fix the underlying problems and talk straight with the owners about what needs to be done. And he doesn’t walk away, he can stick around to see the business grow.

Adam says, “In my experience, there is always a solution, but the longer a business owner ignores the problem, the worse it gets. If they act early, a person with the right skills can negotiate tax debts, reach an agreement with creditors and refinance debts. We can then provide advisory services that will get the business back on track, with a stable future.”

Key takeaway
In summary Adam believes that, “Business owners who think their business is viable – if they could manage their cash and debt – must act now. The longer they leave it, the less able they (and people like me) are to negotiate, refinance and help them keep trading”.

If you’re surviving on hope, now is the time to call us for a free, no-obligation conversation about how you can go from surviving on hope to thriving with a plan.Add Your Heading Text Here

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Cheryl Stainsby

Cheryl is a Director’s Advocate specialising in Crisis Management; Business Health Checks, Asset Protection and Exit Strategy  Find out more or Email Cheryl.

Niall Coburn

Niall Coburn

Niall is a Litigator, Prosecutor and Corporate Investigator. Find out more or Email Niall.

Bruce Pasetti portrait photo

Bruce Pasetti

Bruce Pasetti is the ‘go-to’ for actions for Windup (or to defend companies and directors against similar actions). Bruce is a Solicitor with over 20 years legal and specialist Insolvency experience. Find our more or Email Bruce.

Stuart Craig

Stuart is a Business Transformation Specialist and Certified Practicing Accountant, specialising in business turnaround and restructure, business management and business ownership transfer. Find out more or Email Stuart.

James Flaherty

James Flaherty

James is a business consultant and accountant. He specialises in sales and marketing for the business and finance sectors. Find out more or Email James.

Ginette Muller

Ginette Muller

Ginette is a Business Crisis Advisor and Accountant specialising in Safe Harbour, refinancing, litigation funding, restructure and business crisis advice. Find out more or  Email Ginette.