The news that JobKeeper was being extended came as welcome news for many small business owners but not so much the tough new rules that came with it.
If you own a business, then now is the time for making some smart business decisions with your accountant. By being prepared, you’ll give your business the best chance of staying financially sustainable.
Plan for A, B and C
Face this challenge head-on by being prepared. Avoid the temptation to think ‘best case’ and instead be realistic about what situation you could be in if your cash flow dipped.
Be innovative and willing to adapt
What is needed to ‘survive and thrive’ long-term may require you to think differently. There’s always something new to learn that can give you a competitive advantage.
Understand your obligations
Unfortunately for some businesses to stay afloat, this means reducing headcount. If planning redundancies, please seek appropriate legal advice as fines for getting this wrong are significant.
Know your customers and your competition
It’s moments like these that bring opportunity. When you get to know who your customers and competitors really are, you can determine what your business needs to do to thrive.
As always, our team is here to help. If you would like assistance with any of these items or would like to talk to us about your COVID-19 strategy, get in touch.
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