Your Business Angels - Towards Safe Harbour

Towards Safe Harbour

A Your Business Angels product – that works with you to solve those hard problems you have, tax debt, lack of cash flow, dealing with a difficult market, staying compliant and beginning to protect your assets such as your home by eliminating the risks in your business.

In the corporation Act 2001 – SECT 588GA that deals with Safe harbour and is about directors taking a course of action reasonably likely to lead to a better outcome for the company. This pieces of legislation leaves the burden of proof that this has been carried out on the director or directors. The legislation was written to give directors “a chance” of turning a business around making the right decisions and keep going, but of course the “sword of Damascus” sits over the director to prove that the actions have been carried out it seems (and if I am not using too many metaphors or sayings) a hot potatoes for consultants and the insolvency industry.

Not for the folks at Your Business Angels.


Your Business channel markers
We have created the “Towards Safe harbour” not only as a product that helps directors make better decisions about their business in times of strife, but for all our clients running a business, let’s say to continue the metaphor channel markers by which to guide your business in all times.

Using Your Business Angels towards Safe Harbour product is a tool for all businesses, which help keep them compliant, balance sheet strong and in a financial position to take every opportunity
possible in driving forward. It’s a series of check and processes, it’s about being on top of the accounts and financial position of the business and it is about stopping and planning the business
steps with the team at Your Business Angels – it’s about why you went into business – to have a great income and perhaps a great business to sell when it comes time.

Our client’s responsibility
The person bears an evidential burden in relation to the matter, but Your Business Angels will use the legislation to provide guidance for our clients, work on the accounts and the business to look for additional profit, opportunity and great strategies – documenting changes and importantly doing our work so our clients can focus on what they need to do – run their business profitably by serving their clients, keeping their teams going and driving forward.


How it works
From mud maps to roadmaps
First we need to know exactly where your business is financially, using the accounts as well as assessing the position of all assets and liabilities. How real are the debtors and when will you get
paid, what is the position with the ATO and which creditors are screaming and why. Very importantly are you compliant with superannuation and entitlements.
Then we look at the business and how it is performing. Many business owners has often made changes to their business or have started to make changes to their business to be profitable, but the
effects of these changes are slow or not yet impacting on the debts.

Also are looking at those big pressures and what to do about them

  • Tax debt – what is the relationship and pressure coming from the Australian Taxation Office
  • How quickly are the debtors paying you
  • What are the other financial pressures

We may need to clean up the accounts, we may need to have a valuation of your assets so we really see what we have and what we are dealing with.

Key Focus
We show you the key issues of the Safe harbour Legislation, such as employee entitlements that all tax reporting obligations as up to date and managed, insurances are in place, what debts you are
planning to take on with new business and that you are across the position of the company so you can make the best decisions. A restructuring plan needs to point the business towards a better outcome for those you owe money to and to strengthen the balance sheet, as well as introducing you at times to other third parties if required to achieve a better outcome for you and the business. A restructuring plan doesn’t need to be a grandiose plan – it can be a series of changes in operations, processes, billings, payments, cash flow and above all business culture.

Working with the team at Your Business Angels
You have a team member who is responsible for working with you bring the members of management, accounting and strategy together to work with you to achieve the goals and plans we
set out with. We are evidence based so that the changes in the accounts, reduction in debt, an improvement in profit, improvement in compliance and a reduction in risk to the director are all part
of the measuring. We also create mile stones, goals that the business shout achieve. There is the journey part where you learn new habits and there are incremental changes, but there
is also those “fast move” changes especially when we start where major problems and issues need to be addressed.

What’s the biggest driver of this product?
That your business become on a cash basis as profitable as it can be. Profit pays debt, profit drives the business forward and profit gives you the reward for all your hard work.

A word on financing
The worst thing any director can do when the business is in financial difficulties is randomly borrow money. There are a large number of lenders lending at obscene rates of interest that don’t help you at all – you get a few minutes of relief and then they strip mine your cash flow. Also Toward Safe harbour is about been cleverer than that, we look either internally within the company for additional money or introduced by the stakeholders. Being a fearless borrower, a panic stricken borrower only digs the hole deeper.

Who is the Your Business Angels “Towards Safe harbour Product for?”
This product for anyone who runs a business and wants to limit and then eliminate their risk in the business. Even starting with a sole trader, we would have the business put in a company and manage compliance and reduce risk, for companies of all sizes there are risk, compliance and definitely profit benefits for using the towards Safe Harbour product.

How long and how much to use the Your Business Angels “Towards Safe Harbour Product”
Without s sounding like a cliché – it depends of the size of the business, and the quantum of work. Our fees are fixed price so there are no surprises, there is a deposit to pay and them payments made weekly as you trade after that. Clearly you need this product to get you to a financially better position. When you meet and tell us the position your business is in, show is what your financial
position is based on what information you have then we make the quote – it costs nothing to talk to us, and you will certainly learn a lot for the initial contacts and meetings.

To get a business back on its feet and well on the way towards Safe harbour takes between 5 and 12 months. The clients take an accounting package that covers all the accounting bases and continues to give you a strong team to support you.
25 years of working with distressed businesses
Why can Your Business Angels turn your business around and give you the support you need – because we have been at this a long time, we have always focused on working with business directors and stakeholders who see that their business has issues and is not as good as it could be or is not performing as their vision. We provide the full service. Our accounting firm Fresh Numbers is well established with tax licences and a great team. The Your Business Angels team is robust, upfront but empathetic but always on your side.

Those regular questions

What if the mess is too big and it’s too lateIt happens, the debts and issues are too much. We will work to find you a liquidator, prepare the accounts and help you through the process in a commercial and transparent manner. In the end for many small business owners this is not as daunting as they thought, and certainly without the fear mongering that many insolvency firms like to peddle in their websites. We visually have time to plan this “event” and you to be well informed and protected as you can be with the right strategy.

Do you become my accountants We hope so, but some clients want to stay with their own accountants. We would ask why, because the problem wasn’t solved when you came to us, however in some cases yes we do work with other accountants.
Do I keep my same software We do look at the package and what you have. We can’t work with a mess, and we need a clean file which may mean we have to build the accounts again. Safe harbour legislation is specific about adequacy of financial records and we can’t do our job without a clear picture, but we will look at the accounts and assess as part of our quote.
What if my accounts are mess This is a speciality of ours. We take the source documents and work quickly to have accurate records and the accounts ready to lodge any outstanding compliance with is essential “towards Safe Harbour”
Can you talk to the ATO Yes. We rather do this so that you aren’t pushed to an agreement you can’t keep. We may delay the ATO and ask for time, we will negotiate hard and only for your benefit, we will chase to have fees and interest reduced, but we will never lie to the ATO. Remember negotiation with the ATO can only be completed when all lodgements are up to date.
How often can I meet you? Initially we like to meet with our clients weekly – in the case when there is a lot to do it can be more, but as we have an initial plan we will often call, TXT and phone. We will always respond to your calls and queries. Once underway we settle into a pattern, often we like to visit you at your factory, warehouse and depot.

Serviced by related company Fresh Number Pty Ltd