Going Back to Basics – The Importance of Re-learning What You Already know
I’m sure we all know some horror stories about companies that suddenly realise they can’t pay for their staff – and even more recently, with the downturn caused by the virus outbreak, what once was at the back of our minds can turn into reality pretty quickly.
Founders, managing directors, and CEOs continuously learn and explore new options, however, given the uncertainty in today’s business landscape, I think we all should go back to the basics, reviewing what we already know and revisiting some definitions – a carefully weighted balance between exploration and evaluation.
There are some obvious signs that your company is facing financial difficulties – like ongoing losses and poor cashflow. However, there’s more to it. If you negotiate special arrangements with selected creditors, change your bank, or even face an increased level of complaints raised with suppliers, these are all defined by ASIC as signs of financial difficulty too: Directors – Is my company in financial difficulty
What we might have grown to think of as our ‘ways of doing business’ could actually be putting us in a position resembling insolvency – be sure to consider that when moving forward!
Get in touch with us at KapVista to strategise your next move.
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