It’s just 100 days til the government winds up its stimulus packages that have been propping up small business owners during the coronavirus crisis. If you want to survive and thrive post-stimulus these 10 tips from Jirsch Sutherland will kickstart you on the road to recovery.
Plan for the current conditions, the immediate post-stimulus environment, and for the longer term. Ensure you have a contingency plan should the economy be hit by a second coronavirus outbreak. And continue to revisit your plan to ensure it remains relevant to your business and the market.
Assess your current and projected cash-flow.
Assess staffing needs
If your business has experienced change, it’s essential to reassess your staffing needs.
Where possible, cut costs to minimise further impact on your cash-flow.
With your staff, customers, suppliers, creditors.
Renegotiate rent/lease terms
If you will struggle to pay your rent, speak with your landlord now and renegotiate existing arrangements.
Engage with your bank/lender to discuss funding needs or repayments/interest rate relief. Or seek alternative finance.
Give yourself breathing space
The Safe Harbour and Voluntary Administration regimes are designed to provide companies and their directors with breathing space and can secure leniency from creditors, buying you time to ‘right the ship’.
Reinvent yourself: Prepare for the ‘new dawn’ – whether it’s restructuring your business or restarting with a new model, strategy or market post COVID-19.
Put your hand up:
If your mental health is being impacted by the current financial stresses or the need to let staff go, speak with a trusted adviser or contact Beyond Blue or another mental health help organisation.
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