Owning and operating a business comes with its fair set of challenges. At times, it may seem like there’s a different problem popping up every minute, and getting on top of these issues can seem impossible.
Fortunately, you do not have to navigate these challenges alone. By working with a team of experienced business advisors, you will gain access to knowledge and skills gained from years spent working with companies in a similar situation to your own.
If you are feeling lost or are struggling to maintain financial and operational stability, continue reading to discover what types of challenges an experienced business advisor can help you overcome.
Tax audit
The ATO regularly conducts audits in situations where they require additional information beyond what you have provided in your tax return.
Going through the process of an audit can be stressful, particularly if you do not have experience working with tax professionals. The penalties for those who have failed to report income correctly can also be quite severe.
The good news is that a business advisor can step in, helping you to prepare all the documents that the ATO requires to make an informed decision about your tax situation. If you have been informed that the ATO will be conducting an audit of your business, your first call should be to a team of experienced business advisors.
Restructuring
There are a range of reasons as to why your business might undergo a restructure. Perhaps your company has merged with another and requires reorganisation. Maybe you are going through a period of downturn and have been forced to streamline your operations.
Regardless of the reason, restructuring is best approached with a business advisor by your side. The restructuring process can be lengthy and complex. Given that the purpose is for your business to emerge on the other side in a more positive position, it’s important that you make the right decisions, a task a business advisor can assist you with.
Litigation
In the unfortunate situation that your business is facing litigation, you need to arm yourself with the best defence possible.
Business advisors have a range of speciality areas. Some have experience providing tax assistance, while others possess a legal background that is invaluable for any business working through a lawsuit.
Regardless of the specifics of the situation, there will be a business advisor who can help you emerge from the litigation process in as positive a position as possible.
Liquidation
Liquidation — also referred to as insolvency — is a situation often faced by businesses of all shapes and sizes. While it is generally a stressful time, that does not mean that there are not decisions you can make to reduce anxiety and ensure your shareholders emerge from the situation in the best state possible.
A business advisor with experience guiding companies through the liquidation process can step in and make these decisions for you, granting your confidence that the closure of your business is in safe hands.
Business advisors are an essential tool for companies that are looking to take on their challenges in a positive and proactive manner. If you are struggling to come up with a solution to your problems, consider contacting a business advisor today.
