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The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has released a guide to help small businesses navigate the challenges of paying and collecting a debt.
“We have seen a 50% increase in calls from small businesses worried a supplier might be insolvent or their own business might be heading that way,” said Billson. “When a business does not pay their bills, it can cascade through the supply chain, causing economic harm to others.”
Billson said the stakes are especially high for small and family-owned businesses. Many of these business owners have invested their life’s savings or put the family home on the line to build their business. Nearly half of outstanding small business loans are secured by residential property.
The ‘Better Help Guide - Small Business Debt’ is intended to help small businesses manage their debt and improve their financial outlook.
The Ombudsman does not offer legal advice or debt collection services. They provide information and resources to help you take appropriate steps to recover or pay a debt.
To download the free guide, visit https://www.asbfeo.gov.au/resources-tools-centre/handling-debts
#accountant #business #debt
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