Coronavirus … what to do in your business!
Coronaviris is here and whether we like it not, it is going to impact your business.
The team at businessDEPOT have applied their minds to what they suggest you do as a business owner now to reduce the impact and help you weather the Coronavirus storm
- Take advantage of the Government Stimulus package
- Review your supply chains and negotiate room to move
- Don’t panic … we are not robots, note that different personality types will react differently
- Know how much working capital you actually need
- Calculate your cash and profit breakeven point
- Review the levers in your profit formula and cut costs if you need to [or negotiate a compromise]
- Don’t take it all too seriously [Aussies love to laugh at serious issues]
- Review alternative personal income streams and cut drawings from the business if you can
- Sometimes doing nothing is a great option and just press pause until confidence returns
- Introduce new suppliers but know the impact on profits and whether it is even feasible
- Be sensitive and thoughtful with your marketing [show you care]
- Review your tax instalments and take advantage of ATO administrative oncessions
- Review your current position in detail so you know your numbers [and your business]
- Ask your team what to do … they may be closer to the coalface
- Share market losses are not losses unless realised
The government has already announced significant initiatives to stimulate the economy and help business keep their staff. From up to a $25k cash injection to investment allowances and wage subsidies … check out our summary of the stimulus package at https://businessdepot.com.au/blog/government-cheque-book-to-ease-pressure-on-coronavirus-economy/.
Whether you consider the government and media response to Coronavirus an overreaction or hype, or not, there is no doubt consumer sentiment and business confidence is taking a hit. Get on the front foot by taking the time to consider what you can do in your business to make it more resilient now and into the future.
If you would like to know more, reach out to us at 1300BDEPOT or email@example.com or directly contact one of our team.
Director - Business Advisory - businessDEPOT
Andrew is one of the most well-rounded business advisors you will come across. His diverse experience and drive for entrepreneurship both with his clients and personally means he truly epitomises the “one place for business” we stand for at businessDEPOT.
On top of being a Chartered Accountant with extensive experience in compliance and audit, Andrew’s career has seen him work around the country and in the UK in areas such as Marketing, Sales, Project Management, Financial Planning and Finance Broking. Due to this experience, Andrew has the expertise to provide advice beyond tax and compliance and work with clients in business planning, strategy and implementation, virtual CFO roles, profit improvement, forecasting, succession, wealth creation and project management.
Andrew also has a specific skill set which sees him work closely with heavy fuel usage industries advising on fuel tax credit optimisation strategies.