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.
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:
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.
A business plan defines your financial and strategic goals, customers and the market you operate in. Keep your business plan up to date to:
If you can, talk to your accountant to better understand your financial situation. It helps to prepare some questions before your meeting. For example:
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.