We are alarmed by the amount of companies going into voluntary administration or liquidation over the recent months. An increasing amount of these are being forced into their position by creditors, primarily banks and the Australian Taxation Office who have given up on waiting for circumstances to change. 

Yessam sees this too often where businesses try and get through the tough times on their own and hope that things will turnaround. As time goes buy with little results, they are forced to make decisions based on pressure being applied to them. 

A lot of the time this can be avoided by realising the road ahead is going to be challenging and brining in outside help to manage and help find fresh ideas to transform the business. There’s nothing wrong with getting help, especially when it’s from people that deal with this sort of stuff on a daily basis. 

If your business is in trouble, don’t automatically assume it is over and run to administrators. Consider all of your options, one of which is appointing a turnaround consultant to work with you and your team to assess the situation and implement a turnaround strategy. 

While not every situation can be fixed with a turnaround strategy, a large majority can be but often aren’t because the stakeholders don’t realise their options. When addressed early enough, a turnaround strategy and consultant can work with creditors to manage their positions and get some breathing space while things are worked on. Everyone benefits if a company remains open for business.

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