This week Phil Dobbie talks to Michael Fingland, Managing Director at Vantage Performance, about six real reasons businesses fail. Often we blame outside influences, such as changes in market demand or the introduction of a competitor. They can be partially responsible for the collapse of a business but, as Michael explains, many of the failures come from within a business. In this week’s podcast we talk through:
1. A sudden impact event
2. Insufficient management training
3. Not acting early enough
4. Not collaborating with financiers and stakeholders
5. Not engaging specialist advisors
6. Not being prepared to make big decisions
We also discuss Malcolm Turnbull’s proposed changes to the insolvency law with the introduction of “safe harbour defences” to protect directors, and how this will help businesses facing difficulties.

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My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.

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Cooperative leadership teams that develop prioritised actions to progress towards clear strategic objectives can achieve long-term business viability.