Tax Checklist
2020 - Tax Checklist
To assist in completing your tax return, we have a checklist that will help you with what you need to provide us. Find out more
Virtual Tour
- Virtual Tour
Take a tour and explore our office Find out more
 In Business - What you need to know

How do you turn your business from distressed into to thriving? In recent times many good businesses have found themselves with a weak balance sheet, trying to recover and reposition.

Turn your business in the right direction with this 7-step plan:

1. Crisis stabilisation
Take control. Don't get worked up and let things slip out of your hands. Address weakening situations and learn to understand where your crisis has evolved from. Develop a recovery plan and identify goals to mend the overall problem.

2. Leadership
Ensure you have the right people in the right places at the right time. If people need to re-prove their right to be in those positions make sure it gets done.

3. Stakeholder communication
Communication is the key to all businesses, both internally and externally. Keep stakeholders in the loop at all times. You do not want them finding out information second or third hand. Direct communication from your business will increase credibility.

4. Generate cash
Let's face it being in business means having to make tough decisions. Take a strategic direction and consider downsizing and selling off assets to generate more cash.

5. Organisational change
Revise existing employment terms and conditions and make structural changes to create new terms that will assist your business to recover. Ensure the new direction is understood and executed by all.

6. Critical process improvement
Take a critical eye to the process of your business and identify opportunities to reduce costs, improve practices, increase efficiencies and grow revenues.

7. Financial restructuring
Work out your liabilities and restructure financial commitments to a level that the business can meet. This may mean raising capital or finding longer-term bridging sources of funding until the business can return to predictable profitability and positive cash flow.

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What our clients say...
  • "I've known Ross for many years and his team continues to deliver good, wholesome country service" - Read more
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  • "Maclean Partners are very knowledgeable accountants who are always attentive and keen to learn more about how to improve our business. John and his team offer sound advice about tax and general accounting, as well as helping structure and manage the financial aspects of the business to our advantage". - Read more
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  • "We've worked so hard over the past 10 years to get the business to where it is and sometimes you can't see the forest from the trees. Thanks to the Maclean Partners and the 90 Day Business Challenge, I found each module so helpful and the self-paced online aspect combined with the face to face coaching and workshops worked really well for us. - Read more
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  • "Nelly (my wife) told me she had signed up for some business training and I told her it was a waste of time and money. I wasn't interested in doing it at all because both our businesses are firing on all cylinders, but to show her support, I went along to the first workshop and I was impressed. Nelly and I have been doing a lot of talking, but we realised that we never had the right mindset to take action. - Read more
    - Glenn Evans, The Fencing Factory
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