The backdrop to the 2024 Federal Budget is one of persistent high inflation and subsequent cost-of-living pressures around the country. How did Michael Fingland, CEO of Vantage Performance, score Treasurer Jim Chalmers this year? Well, with one eye on an early election, the government did just enough to “appear” to be helping households and businesses.

Michael discusses the economy as a whole, particularly the influence of immigration levels, and the recent increase in company collapses and job losses. Tighten your belts for a rough year or so ahead.

Vantage Performance – https://vantageperformance.com.au/

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When a business is facing distress, it’s worth considering bringing in a Chief Restructuring Officer (CFO). They’re often best equipped to develop a robust turnaround plan, negotiate with suppliers and financiers, and manage the execution of the plan, according to Michael Fingland, CEO of Vantage Performance.

The decision to bring in a CRO, he says, is made by the company often based on recommendations from key stakeholders. The skills of a CRO can be financial or operational, depending on the specific needs of the business. They interact with stakeholders such as creditors, shareholders, and employees to gain buy-in and support for the turnaround.

Vantage Performance – https://vantageperformance.com.au/

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The many thousands of Australian businesses which fall over the cliff each year impacts the economy by billions of dollars. The social consequences are also severe, including bankruptcies, stress, layoffs, unemployment, and even suicides. To avoid collapse, Michael Fingland, CEO of Vantage Performance, says businesses should regularly assess their financials, identify critical KPIs, and confront the brutal facts. It is important, he insists, for directors to seek outside help and for stakeholders to nudge them towards seeking assistance.

Vantage Performance – https://vantageperformance.com.au/

See omnystudio.com/listener for privacy information.