No one would have guessed that we would be where we are today: people in isolation, businesses shutting down completely at the directive of our governments, social distancing from everyone except our closest loved ones. Our governments’ top officials are on our media daily enacting measures to keep our people and economy afloat, and it is quickly becoming hard to keep up to date.
Regardless of how you look at it, we are facing unprecedented times and our economy is in a free-fall towards a recession.
The measures the government has put into place will hopefully juggle our health crisis with our economic crisis to see us coming through to the other side of this pandemic strong and healthy. However, this leaves our biggest economic drivers, the owners, and runners of our small to medium-sized businesses, confused, frightened and uninformed.
What exactly can a business owner do to help their employees? What cash assistance is the government handing out now versus in two months’ time? What can you do today to help your business get through the next month?
Below are three actions that you can take today to start the process of keeping your business and yourselves afloat during these uncertain times:
Understand fully what the government is offering especially in relation to cash payments
The government has implemented a variety of measures to help both individuals and businesses alike.
Some of these measures involve cash payments being made to businesses while others involve deferring payments and reducing tax.
With a small to medium-sized business, cash can be crucial in keeping doors open and people employed, so it’s in a business owner’s best interest to be well around the support being offered via cash.
Review our article here which summarises what cash support is available.
Visit the treasury’s website for a full list of support being offered at https://treasury.gov.au/coronavirus.
Communicate with your Key Stakeholders
Every single person and business in Australia is feeling the impact of this pandemic whether that means being unemployed, shutting down a business or implementing efficiencies and other cost-saving methods to keep doors open.
Communicating with your key stakeholders will be essential as time goes on. Pick up the phone and ring your bank to discuss repayment options.
Email your suppliers and landlords to renegotiate contracts and payment terms. Meet with your staff and be open and honest about what next week or next month looks like. Being able to negotiate costs may be all you need to get through the next couple of months.
Speak to your Accountant
If there is anyone else who knows the intimate details of your business, it’s your accountant. Ring them TODAY to see what they can do to help you and your business.
Chances are your accountant has already had countless conversations with a variety of clients and will know many avenues to take that will see your business through this turbulent time.
They will know the ins and outs of not only your business but also measures being taken that are helping other clients with knowledgeable contacts and detailed insight of available support.
Here at Sharp Accounting, we care about you and your business, and we want to see your business thrive. Ring us today and let us help you and your business by doing what we do best.