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.