Some industries are more severely affected than others, so it’s vital to act quickly and decisively.
Make your way through the following checklist to help safeguard your business for a successful return to ‘normal’:
- Build a cashflow forecast for the next 12 months and update it every month as you collect more data.
- Review the excess expenses in your business and decide which can be cut.
- Review your wage structure and ensure you can maximise the $100,000 Cash Relief from the stimulus package.
- Apply for the $250,000 loans as part of the stimulus package.
- Access the payment deferral concessions on ATO payments (for businesses directly impacted by COVID-19).
- Review all current debts and negotiate with banks to refinance or stop repayments where applicable.
- Contact your landlord and negotiate a rent-free period or a reduced rent period.
- Review your team and roster to ensure you are not overstaffed.
- Research the other government initiatives that have come from the Federal stimulus package.
- Research available initiatives at a State level (each State has taken a different approach).
- Create a marketing plan for the next 6 months and execute.
Author Signature :
If you’d like assistance with any of the checklist items above, or if you have questions, please get in touch with us today.
Barry BTS
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