7 Financial Red Flags Every Business Owner Needs to Know

Small business insolvencies are rising and many owners don’t see the warning signs until it’s too late. We break down the financial red flags that show your business might be heading for trouble. We cover maxed-out credit cards, late super payments, ATO debt, director loans, and the danger of not knowing your breakeven point. If you run a business, this is what you need to hear before it’s too late.On this episode, we discuss:(00:00) Intro (00:25) Why Insolvency Rates Are Rising Among Small Business Owners(02:54) Red Flag #1: Maxed Out Credit Cards & Overdrafts(05:14) Cashflow Forecasting and Why It’s Essential(07:48) Red Flag #2: Late Super Payments and the Hidden Penalties(13:50) Red Flag #3: Lodging BAS and Tax Returns Late(21:32) Monthly Budgeting to Avoid Death by a Thousand Paper Cuts(25:42) Red Flag #4: Spending GST, PAYG and Tax Savings(27:25) Red Flag #5: Drawing Business Funds Without Div 7A Management(34:14) Red Flag #6: ATO Payment Plans and Why They’ll Cost You More(36:33) Red Flag #7: Not Knowing Your Breakeven PointCheck out the free resources from Inovayt here.Send us an email: [email protected] Numbers Game is brought to you by Future Advisory & Inovayt.Hosts:Nick ReillyJason RobinsonMartin VidakovicThis podcast is produced by VIDPOD. Check out our new website thenumbersgamepodcast.com.au. Browse the full show catalogue, jump straight to specific moments on the topics you love, or leave us a voice note. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.