1. Review Your Finances

• Regular financial reviews help maintain control over your business.
• Check balance sheets, loans, guarantees, and financial commitments like wages, taxes, rent, and utilities.
• Seek advice to improve financial stability by contacting a professional

2. Understand Your Business Structure, and restructure if necessary

• Knowing whether you operate as a sole trader, partnership, company, or trust helps clarify legal and financial responsibilities.
• Company directors have legal obligations and must ensure the business does not trade while insolvent.

3. Act Early!

• Address financial challenges as soon as possible to increase your options.
• Proactive action reduces stress and provides better solutions for the future.

4. Get Expert Advice

• Professional guidance can help with insolvency, restructuring, and financial planning.
• Visit ASIC’s Protecting Your Small Business website for resources and support.

5. Balance Business and Well-being

• Reflect on whether your business aligns with your personal goals and is sustainable long-term.
• Financial issues can impact mental health, affecting decision-making—consider support from a financial counsellor or mental health professional.