In this very unsettling economic climate where all around the world we are seeing major financial problems, many Australians are facing an uncertain future because their debt is piling up like a river blocked by debris. Once the 
debts accumulate it is extremely difficult to deal with them effectively at the same time as running a small business or farm or earning a salary. In addition to that it requires a fair bit of expertise and a good deal of experience. I have run GBAC, or Greg Bloomfield and Co since I launched my Chartered Accountancy practice in 1971. That has given me a good few years of experience.
As in the photo at the side, part of the solution is to delve into the blockage and one by one pull apart and remove the various components of the blockage. The details differ in every case but the problems and solutions are fairly common. Lack of profitability, bad economic times, natural disaster, government action or some combination of any of these usually lie in the way of stable business liquidity.
It is hard in the short term to do anything about specific damaging government policy, though FairGO with its 
Votergram service provides a good long-term solution in many cases. But frequently there is an immediate problem with a bank loan or overdraft and trade creditors. Instead of wading into the water and pulling apart a logjam it is necessary to contact all of the creditors and negotiate an appropriate payment plan. Most creditors are willing to accept this because they would like to continue supplying the business with goods and services and they have frequently had liquidity problems of their own at some time in the past. Bankers too, when approached in the proper way with the right explanations and some good options for the way forward, will generally do what they can to help because they also want the future business. The key is to provide them all with realistic achievable long-term solutions to get the debts sorted out.
Whilst many business owners and farmers are extremely skilled in the operation of their businesses and farms, many of them are not skilled at financial planning or negotiations with creditors and bankers. In such enterprises it is generally necessary for the owners to do pretty much all the work themselves, but when it comes to financial problems there is a lot of merit in getting an outside expert involved. In my own businesses and farms even whilst I was running my Chartered Accountancy practice, I was wise enough to gain professional advice from lawyers or other accountants when I needed it. It is foolish for any of us to believe that we have all the skills necessary to run our own businesses. The more immersed we are in the business the more we need outside advice to help us find solutions to difficult problems.
GBAC is dedicated to helping farmers and small business organisations overcome their financial problems in the same way that FairGO is dedicated to helping business and farm organisations overcome the problems their members have with government policy or actions. Don’t hesitate to contact me via GBAC if you think I can do something to help you it won’t cost you a cent to have a chat over the phone.