Small Business Survey
The Small Business Commissioner conducted a survey to measure small business confidence relative to early 2023.
The survey found that over 50% of small businesses anticipated 2023 to be a tough year.
If you are a small business owner and concerned about the coming months, the Small Business Commissioner can assist you.
If you are currently experiencing financial hardship you can utilise the following services:
- The National Debt Helpline - A free service which will connect small businesses and individuals with professional financial counsellors. You will experience confidential guidance to help you through.
- The NSW Government - Small business owners are able to connect with a business advisor who will assist in creating understanding regarding what stage your business is at and what options are available.
- Financial Institutions and Banks - Most of these organisations have specialised hardship teams which can assist with financial difficulty. The following link will assist you in finding your banks hardship team, click here
- Debt Agreement - Those who are sole traders or in a partnership may have the option to create a debt agreement.
- Temporary Relief Period - This is where a 21 day period will be given to a business where a creditor has a court order for payment. This 21 days is to allow the business time to restructure finances to consider all payment options.
Note - If you are trading insolvent and unable to pay back debts, you could face civil penalties and even criminal charges. You can seek professional support from a liquidator or lawyer.
You may also utilise the Small Business Commissioners mediation service to help resolve business to business and retail lease disputes.
To help with disasters and emergencies, learn how to build a Business Continuity Plan and prepare or recover from disaster with our Get ready for disasters kit.
