The Story of Jim
Here is the story of Jim. Jim was a really nice guy who was running the family business which sold carpet. The business had been in the family for 2 generations.
Jim did what he saw his father and grandfather do in operating the business. Some years were good some were not so good. The business changed over the years to adapt to the changing market. They introduced wood flooring or floating floors because clients were seeking alternatives to carpet.
The business was slowly slipping away. There were 3 staff members. Every other month Jim would not pay his wages because the cash was just not there to sustain paying everyone. He stopped paying his super because at the end of the day it is his money right? He was doing the Business Activities Statements himself and they started to be filed late. He started to receive penalty notices and then the money owing to the ATO just started to climb.
He only saw his accountant once a year to do the tax. He started getting collection notices and phone calls from debt collectors. The statements kept getting lodged late and the super for all members was not getting paid. The suppliers started to harass him as well and then started to hold back supply.
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What do you think happened to Jim and the business?
All too often we see people acting too late or not seeing the warning signs when the business is struggling. If at any time you have not paid your own wage, you have not paid the super on time or the activity statements are lodged late you need to contact your accountant immediately. You need to reach out and get some professional help.
[ctt template=”7″ link=”kMf3U” via=”no” ]At all times there is always something that can be done to assist the business. Don’t wait too long before asking for help![/ctt]
At all times there is always something that can be done to assist the business. Don’t leave it too late and get overwhelmed. Depression, anxiety and fear are some of the main reasons why a business fails.
If you have a lifeline then use it, if not then get in touch with us to help you through these tough times.