There are many reasons to consider shutting your business. Before making a decision, it is good to speak to a trusted business advisor about your finances and any alternatives to closing down e.g. selling.
Are you worried about finances?
We can help you to revise your budget, devise a realistic debt repayment plan and discuss options such as debt consolidation to save on interest rates. It is important to have a clear picture of your current financial situation. Communication with creditors can make a big difference too. For example, if you have any tax debt, it is crucial to talk to Inland Revenue as early as possible to find out payment options. The same goes for ACC levies. You can sometimes reduce or avoid late payment fees, penalties and interest with some creditors if you arrange and stick to a payment plan.
Questions to ask yourself:
- Do I still have the passion for my business to make it work?
- What am I prepared to risk?
- Will my creditors and any investors back me to succeed?
- Can the business turn around?
Other options you could consider include selling your business, changing your business model or seeking funding.
If you have come to the conclusion that it is time to close down your business, you can find more information on which steps to consider here.
Our team at Ean Brown Partners can be your sounding board in the decision making process and help you to review your financial information.
Contact our office on 09 470 1840 or email accounting@ebp.co.nz to book a time with one of our experienced chartered accountants.
