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IS TRANSITION TO RETIREMENT STILL VIABLE? As many readers will be aware, legally getting access to superannuation before retirement can be rather difficult. But, back in 2005 things were made just a little easier. 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.

What our clients say...
  • "One word - Trust. I know how to make money, but accounting and financial planning is foreign to me so I've had to rely on people who I trust to look after my money. I've been working with Ross now for over 20 years as an accounting client, and when my financial planner retired it was an easy transition to Andrew, particularly because of his age. Andrew is young, serious, experienced and he is a long-term thinker. There is unbridled trust both ways working with Andrew. - Read more
    - Wayne Nicholson, First National Real Estate
  • "Andrew Westcott stands out from the crowd. When there were a few challenges with an insurance matter, he went to enormous lengths to find a solution. Not only that, he is a genuinely good bloke, and he is supported by a great team at M Financial Services. I trust, respect and highly recommend Andrew to anyone needing financial expertise at any point in their life." - Read more
    - Ryan Boccalatte
  • For approximately forty years, wile Ross Maclean acted as both accountant and friend, I've witnessed the addition of intelligent, hardworking people. Andrew Westcott became my financial adviser almost six years ago. Although honour is an old-fashioned notion, I have found Andrew to be honourable, as well as knowledgeable, helpful, and patient, when I really needed his help when my husband died and I didn't function for a few years. That's when you need someone who you can trust. I have recommended Andrew to several friends, and I recommend you consult Andrew if you need financial advice. - Read more
    - Roslyn Evans
  • Andrew looks after us as if we were his only clients, even though we know we are not. He is generous with his time, easy to talk to, he clarifies issues in simple terms and talks to us in a friendly and professional way. Andrew helped us make the big decisions involved in our retirement, and has never given me the impression that as a female my views are not important in any conversation or decisions making process and this is important to me. Both Don and I feel important and valued by Andrew and the staff at M Financial Services, and that has helped us feel safe and secure in our financial future. - Read more
    - Don and Gayle Zahner
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