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Managing your financial wellbeing

The way you’re feeling can often be aligned with how well your business is doing. The thought of whether you can pay the bills or wages, or whether your business can actually continue, 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. Unfortunately due to juggling many tasks and responsibilities, business owners tend to delay addressing the state of their business and finances until it is sometimes too late to fully recover.

Our business advisers, recommend that once you see your business starting to struggle, the sooner you seek help the greater the chances it will recover.

Speak to someone who can help you review specific areas of your business such as your financials, marketing strategies and pricing, to assist in putting together a road map or plan for how you can get back on track. This could be your accountant, your bank manager/finance broker, the Australian Taxation Office or a trusted 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, including:

  • 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. 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 service can provide access to free business advice in your local area.

 

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