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1800 413 828

Assessing Your Financial Situation

You’re not sure how your business is going, but you know there’s an issue

Looking at your finances can be uncomfortable, but understanding your financial situation can help you address problems before they become too big to manage.

Find out whether your business can survive – or is ‘viable’ – in the long term so you can plan for the future.

When to seek help

A change in the market or your personal circumstances, or a natural disaster such as bushfires, can affect the viability of your business.

Act now if:

  • you don’t know what state your business is in, but think there’s a problem
  • you’ve lost customers or clients and have little to no income
  • you’re not sure whether your business is still viable
  • you can’t pay your bills on time
  • you’re worried that your business can’t recover.

Get free and confidential advice from a professional financial counsellor.
CALL THE SMALL BUSINESS DEBT HELPLINE TODAY ON 1800 413 828.
The sooner you call, the sooner we can help.

What you can do

There are different ways to assess the viability of your business.

Assess your business online

To find out if your business is at risk, use the Australian Taxation Office (ATO) Business viability assessment tool. Before you start, find out what information you will need to complete your assessment.

Update your business plan

A business plan defines your financial and strategic goals, customers and the market you operate in. Keep your business plan up to date to:

  • know where your money is going
  • work out if your business is viable
  • know when to expand and invest
  • apply for government grants and concessions
  • plan for the future of your business – for example, when you want to sell or retire.

Business.gov.au has a guide on How to develop your business plan, including free templates.

Talk to your accountant

If you can, talk to your accountant to better understand your financial situation. It helps to prepare some questions before your meeting. For example:

  • How can I improve my cash flow?
  • How much tax will I have to pay and when?
  • Am I breaking even?
  • Do I need to restrict my spending?
  • Can I afford to invest in new equipment?

If you don’t have an accountant, can’t afford to pay one, or you’re too overwhelmed to look at your finances, call us. We’ll listen and give you the support you need to take the next step.

How we can help

You’re not alone. Many small businesses go through tough times. We can talk through your options to find the right solution for your business.
We can also connect you with services to support you in other ways, including:
  • grants and concessions
  • help with personal debt
  • face-to-face financial counselling
  • emotional support
  • small business dispute resolution
  • legal advice.

Who you'll talk to

When you call us, you’ll speak to a trained financial counsellor who specialises in debt management, negotiating and counselling for small business. Our service is free, independent and confidential.
We’ll give you options, tips and advice to manage your debts and get your finances under control. Find out more About us.

Get help today

We’ve helped hundreds of small business owners just like you. Don’t wait to get help, start taking control of your finances today. 
Call the Small Business Debt Helpline on 1800 413 828.
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