Is your business viable or just surviving?

Practical checklist every business owner should review. Running a business in today’s environment is tough and not every business should be saved. But many can be transformed if you ask the right questions early. At its core, a business viability audit helps you determine one thing: Does your business have a sustainable future—or is it time to make tough decisions?

Here’s the process to assess your business’s long-term viability:

1. Value proposition
   What makes your business unique—and does it solve a real problem for your market?
2. Financial assessment
   Do you have a clear path to profitability? Have you calculated your break-even point?
3. Competitive advantage
   What’s your edge—and can you sustain it?
4. Operational feasibility
   Can you reliably deliver your product or service at scale?
5. Risk assessment
   Have you identified key risks—and how you’ll manage them?
6. Scalability & growth potential
   Can your business grow without collapsing under pressure?
7. Management & team
   Do you have the right people to lead and execute your plan?
8. Market & financial sustainability
   Are your funding sources stable—and is cash flow healthy?
9. Scenario planning

Have you prepared for the best-case, worst-case, and everything in between? But it’s not just about planning – it’s also about recognising early warning signs of business distress.

Here are 12 key indicators of insolvency every owner should know:

1. Continuing losses
2. Inability to produce timely and accurate financial reports
3. Overdue ATO or state taxes
4. Liquidity ratio below 1
5. Suppliers on COD terms
6. Unpaid creditors outside terms
7. Poor relationship with your bank
8. No access to finance or equity
9. Special creditor arrangements
10. Legal action or judgments
11. Unexplained or unreconciled payments
12. A business viability audit isn’t just about identifying problems—it’s about finding solutions early.

You can either fix what’s broken, or close the doors before losses mount. If you’re unsure where your business stands – now is the time to find out.