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Accountants refer to a business as a going concern if it can function without the threat of liquidation for the foreseeable future, usually 12 months. That their current assets are greater than their current liabilities.
However, this doesn’t mean that the business is a going concern in the marketing sense. What would happen if you stepped out of the business? How long would it continue? Would the enquiries still come in? Would the sales still happen? More.....
Dr Greg Chapman is the Director of Empower Business Solutions and The Australian Business Coaching Club and is Australia's Leading Advisor on Emerging Businesses and provides Coaching and Consulting advice to Australian Small Business Owners in Marketing & Business Strategies Planning & Systems. He is also the author of The Five Pillars of Guaranteed Business Success and Price: How You Can Charge More Without Losing Sales.