The way you’re feeling can often be aligned with how well your business is doing. The thought of how bills or wages will be paid, or whether your business can go on, are burdens that can weigh heavily on any business owner.
There are a number of ways you can manage any stress and anxiety you are feeling, but it’s often the case that as a result of business owners juggling many tasks and responsibilities, they tend to delay having the more difficult conversations in relation to the state of their business and finances until it is sometimes too late to fully recover.
According to SBDC business adviser, Merome Beard, the sooner you seek help the greater the chance of your business recovering from any financial issues.
“With busy small business owners often feeling overwhelmed with their workload, the best piece of advice we can give is to speak to an intermediary sooner rather than later if you see that your business is struggling,” Merome said.
“An intermediary is someone who can help you review components of your business such as your business financials, marketing strategies and pricing, to assist you with putting together a road map or plan for how you may get your business back on track. This could be your accountant, your bank manager/finance broker, the Australian Taxation Office or your business adviser.”
Support for your business
If you’re concerned about the financial state of your business, there are a number of organisations that can provide you with free support. These include:
- The Financial Counsellors’ Association offers a free confidential service for support with financial problems and queries. It provides information, strategies and guidance to assist if you are experiencing financial difficulties. You can call them on 1800 007 007.
- Rural Financial Counselling Services WA offers free, confidential and mobile services for rural primary producers, fishers and rural small businesses. Their contact number is 1800 612 004.
- The Australian Tax Office (ATO) recognises that there may be times when your mental well-being could affect your ability to pay tax or super obligations. Information to assist small businesses during these periods is available on their website.
- Speak with your bank or financial institution as most of them will have a financial hardship team who can help you. The Australian Banking Association provides a list of the hardship team contact details for most banks in Australia.
- At the SBDC, we also can provide you with free and confidential business advice in a range of areas, including managing your finances. If you’re in regional Western Australia, our Business Local outreach program can also provide you with access to free business advice in your local area.