Should I close my small business?
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Thinking about closing your business?
Accessing expert advice
If you have specific questions about your situation, we encourage you to talk with an expert for advice on your business’s viability and other options you might not have considered.
The Partners in Wellbeing helpline (1300 375 330) is a great resource that offers free access to qualified professionals including:
- business advisors who can help you address critical challenges in your business, including in relation to:
- financial management
- strategic planning
- risk management
- business closure
- financial counsellors who can help with:
- accessing government grants and supports
- understanding options and priorities when it comes to debts and processes when it comes to insolvency
- negotiations with insurers, lenders and creditors, and repayment arrangements
- referrals to experts in accountancy, law and insolvency
- wellbeing coaches who can:
- help you to improve your wellbeing and develop strategies to cope with anxiety, depression and stress
- support you to explore new strategies and routines, and wellness planning
- provide referrals to local, sustainable support services (e.g. GP, psychologist).
- The business.gov.au website has helpful tools for finding a free or low-cost business advisor, mentor or tax practitioner near you.
- Business Victoria offers:
- The ATO has a business viability assessment tool and helpful guidance around tax and super considerations and obligations.
- CPA Australia offers practical guidance on signs your business might be in trouble and how to get back on track, and a checklist for closing your business.
- The Victorian Small Business Commission is providing free or low cost help to resolve commercial disputes that can happen at this time – be it with your landlord over a retail leasing matter or rent relief, or a general small business matter such as unpaid invoices.
Australia’s insolvency processes now include new solutions for companies with less than $1 million in total debt:
- The debt restructuring plan is where the director stays in control while they develop a plan to restructure their company with the help of a practitioner.
- The simplified liquidation process is a streamlined creditors’ voluntary winding up for eligible companies.
Find out more about these and other options by visiting the Australian Securities and Investments Commission website.
For more information, you can speak with a member of our team by calling 1800 878 964 or emailing us.