The leaders of the Gold Coast Professional Services scene attended the jam-packed inaugural ReGroup Solutions breakfast at RACV Royal Pines on Thursday 19 July 2018 to learn about Turnaround Practitioners. The informational and networking event, hosted by partners Ben Heaney and Michael Durbridge, focused on the emerging profession of business rescue, restructuring and turnaround.
There has been heightened interest in the professional service in recent times, following the roll out of new legislation aimed at protecting failed businesses which might otherwise have been rescued.
Avoiding debt appears obvious when it comes to business but this isn’t always the best way to manage cashflow. Debt is not created equal; some good debt can actually help grow your business. Rather than oversimplifying all debt as just ‘bad,’ there are a other simple ways to identify the differences.
- Good debt generates more money or value than loans – this is a positive return on investment.
- Bad debt costs your business more than it is worth.
Without referring to bad debt in the true ‘accounting’ sense (accounts receivable that will not be collected), actual bad debt is often taken on to cover sudden expenses or to purchase items that will quickly lose value. Good debt can also transform into bad if the debtor has no strategy in place to pay it off.
Out of control debt is where you end up in the hands of debt collection lawyers. Obviously, good debt can transform into bad debt, which can then become out of control debt.
- Pioneering Turnaround Practitioners such as Ben Heaney and Michael Durbridge have recently found their skill sets invaluable as they have positively impacted upon the lives of local business owners and entrepreneurs that are either struggling to grow or have found themselves in troubled waters.
- ReGroup Solutions has an experienced National Advisory Board of professionals dedicated to the turnaround, crisis management, restructuring and renewal of troubled corporations, businesses, organisations and associations.
- The Gold Coast is fortunate to have a specialist business turnaround services firm ReGroup Solutions on their door step.
Ben Heaney says:
It’s vitally important to get meaningful information through to business owners in real time. Business owners tend to live in a daily, weekly and sometimes monthly cycle.
Michael Durbridge says:
Our financial reporting requirements promote an over focus on historic reporting. Business advisors must be prepared to look beyond the traditional approach to financial statements if they want to help their clients to understand the real time critical trends.
Acknowledging the ever increasing overlap between professionals, the workshop helped in providing practical discussion on:
- Protecting future revenue through early intervention for clients who are struggling;
- Identifying opportunities to deliver more services;
- A specialist and bespoke excel analysis worksheet and process that anyone of a firm’s team can undertake in managing the above.
- Early identification is the key to protecting business owners, their business, and their family home or other assets. Mr Ben Heaney says this can be as simple as monitoring the Quick Ratio.
- A business that has a deficient Quick Ratio for more than 12 months and is not implementing a turnaround strategy is certain to fail. Monitoring this is simple but finding the cause of the deficiency is often the complicated thing.
- The seminar presented to the Gold Coast’s business advisory profession provides additional tools, skills and insights that will hopefully maximise use of new legislation and accompanying experience to bolster small business growth and economic development.
ReGroup Solutions Turnaround Practitioners’ are dedicated towards and specialise in:
- Short timeframe turnaround solutions for businesses facing a cashflow crisis;
- Strategies to avoid and protect against business failure;
- Striving to deliver professional services of the highest possible degree of excellence.
Right now you may have clients you are worried about. Get in touch with us ASAP for a confidential and obligation free consultation.