The COVID-19 situation has been unfolding around the world for months now, but after a week where it feels like everything has really “stepped-up” in Australia, I found myself thinking more and more about not just my business but how others were dealing with the daily news updates, changes in policies and planning for their businesses’ future.
I got in touch with Michael and Tim from HT Capital, a long term partner of DN, who are perfectly positioned to offer a helpful perspective to small business owners in the same position as us.
Unsurprisingly, they’ve both been flooded with questions about the government stimulus package and what steps individual companies should be taking. There is A LOT of information going around at the moment, some of it helpful, some completely the opposite.
We discussed the importance of really taking this opportunity to take a step back, look at your cash flow, pipeline (short and longer-term), different scenarios and how the situation could affect your individual business, rather than diving immediately into getting access to government stimulus packages. It’s important to assess your own position as every business is unique. How can you shape your business to be in the best possible place in 12 months time?
As well as financial changes, this could mean a change to some of your overall business strategies. Have the confidence to make changes where required and move with the market, while also keeping a focus on your expertise and maintaining your company values and reputation. All businesses need to be agile and adapt, and taking the time to assess will be crucial.
The big takeaway from our conversation was to first look inward, assess YOUR situation and scenarios, then speak to an expert. Find out what you’re entitled to, what support will actually work best for your business, when this will come into effect and what you need to do in the meantime.
Many of these packages that are coming out will be detail specific and having someone you trust to make sense of the information and what it means for you will be essential.
We also discussed the importance of keeping open lines of communication during this time, primarily with your staff, as well as potential assistance to tenants and investors.
Take a listen, I’d love to hear your thoughts about the plans you’re making to keep your business afloat in these uncertain times.
Contact details for advice if needed:
Accru Harris Orchard: [email protected]
Workplace Horizons – Laurie Bolton: [email protected]
Jump Property – Lou Marchesan – [email protected]