The importance of maintaining good health, is undeniable. The same goes for your finances! As both accountants and financial planners, we recommend that you go back to basics and undertake a common-sense review of your financial affairs, including investments.
There are some common signs which may indicate that a business is struggling financially. I’m sure we’ve all walked into a business where you’ve sensed that things may not be travelling well. Typical indicators for businesses in retail could be gaps in stock on shelves, old or damaged packaged stock still on display, dirty or damaged fitout, flooring or lighting, lack of customer traffic, skeleton staff rostered on duty, demotivated or disinterested looking employees, etc.
But how do you know when your own business is potentially in trouble? In so many business case studies, proprietors can be in denial of problems which are right under their noses, even if they believe they have things under control. The top 9 indicators of business distress are: