Over the past few months, we’ve faced devastating bushfires, floods and more. Now, many businesses are bracing for the impact of the coronavirus (COVID-19) in a rapidly evolving environment.
We can help you develop and implement a coronavirus response plan for your business. It’s important to be prepared, which includes having a clear business continuity plan to manage some of the risks.
Here are the main areas we’re urging clients to consider when planning.
It’s vital to maintain clear communication with staff. Train and educate your staff on office hygiene, as well as your response plan. Where possible, consider:
Be prepared for a temporary downturn in trading conditions. Cash flow is key, and needs to be closely monitored. While it may only be temporary, avoid making rushed decisions that could impact you long-term.
Keep up constant communication with your suppliers at all times. If something threatens your ability to deliver, put a workaround in place with your clients and customers as soon as possible.
Talk to us, and engage with your lenders as early as possible if you think you won’t be able to meet your obligations.
Talk to us if you’re concerned about meeting your tax obligations. We can reach out to the ATO on your behalf.
The Federal Government recently announced a stimulus package to help support Australians in the face of COVID-19. The package supports business investment with a significant increase to the thresholds for the instant asset write-off, from $30,000 to $150,000.
It also provides cash flow assistance, through:
We can help you understand the stimulus package and the implications for your business. You can read about the full Economic Stimulus Package on the Prime Minister’s website.