The end of a Financial Year is always a time to take a pause, reflect and plan.

It’s been a year like no other and the RSM Restructuring and Recovery team are still seeing a level of uncertainty in the minds of many business owners.The end of a Financial Year is always a time to take a pause, reflect and plan.

  • Should I try and hang in there a bit longer, or do I need to consider closing my business?
  • Will there be another COVID-19 induced lockdown that impacts my business?
  • Is there more Government support to come for small businesses?

These are all valid questions and considerations. If you or your clients need support to investigate options, our team is here to help. Seeking advice earlier rather than later, tends to mean there are more options on the table to consider. 

We hope you have enjoyed our monthly insights newsletter.
If you have any feedback around topics you’d like us to cover in future editions, we’d love to hear from you.

Best regards,
The Restructuring and Recovery team

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Having a failing business is mentally tough

Andrew Bowcher, an RSM Partner based in Wagga Wagga, shares his personal experience of working with people who are facing potential bankruptcy. After nearly 20 years with RSM, he has worked with a lot of clients and heard a lot of personal stories. Read our latest Restructuring and Recovery blog post and find out why we think the stigma around declaring bankruptcy or going into liquidation in Australia needs to be broken down.

Continue reading >>

Australian small business owners matter: how you can support them

Jonathan Colbran, one of our Restructuring & Insolvency Experts and a Registered Liquidator, shares his insights around:

  • The number one thing we should all be doing to support small businesses
  • The natural cycle of business openings and closures
  • Why the timing of exploring business options is critical
  • The value of trust, confidentiality, and impartiality

Continue reading >>

 
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HOSPITALITY

The unpredictable and ever changing travel restrictions across Australia has resulted in any rise in domestic travel being halted.

The Australian hospitality sector, is being impacted heavily by COVID-19 cluster outbreaks, a lack of hospitality staff and a lack of both international and domestic tourist dollars.

ABC News quoted Karen Burbury, who runs two restaurants in Launceston, as saying: "I never thought as an employer I would never be able to staff a shift. This is a massive problem.” Ms Burbury said she had considered opening her restaurants only five days a week because of the shortage of available staff.