Claude Trimboli, Accountant and Liquidator, on how small business owners can better manage debt to avoid insolvency.
Description
@Claude Trimboli from @charlesandco talks about the complexities of business liquidation and restructuring. The discussion covers the critical importance of understanding cash flow, the role of early intervention in financial distress, and the emotional toll on business owners facing insolvency.
Claudio emphasizes the need for proactive measures, mental health awareness, and the collaborative approach necessary for navigating these challenging situations.
The discussion highlights the significance of having a solid grasp of financial numbers and the value of seeking help from trusted advisors.
Other important discussion topics include;
- the responsibilities of business owners
- proactive measures to avoid insolvency
- the importance of engaging with the #ATO
- the new #smallbusinessrestructuringregime that allows owners to maintain control while addressing their financial challenges
- the legal obligation not to trade while insolvent
- why understanding financial numbers is crucial for business health
- Cloud accounting tools to provide better financial insights
- why and how business owners should not be defined by their financial struggles
- prioritising mental health and physical well-being
https://treasury.gov.au/sites/default/files/2020-12/simplified-debt-restructuring-fact-sheet_0.pdf
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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
michael.kerr@kerrcapital.com.au
www.ownertoownerpodcast.com.au
United States
