COVID 19 novel Coronavirus Outbreak
8 TIPS FOR BUSINESSES:
1) IF POSSIBLE ESTABLISH A REMOTE WORK OPTION (FOR SOME OR ALL OF YOUR TEAM)
– Although technology may provide for this, this option may not work for everyone. Where you are unable to provide a remote work option then consider adjusting your customer contact.
– Take advantage of Email, Zoom, Skype (offer to customers as a first option).
– Shift sales strategy to online if possible.
– Sell on social media, Facebook, Instagram, use an email list.
2) REDUCE EXTERNAL MEETINGS AND TRAVEL TIME
– Reschedule external meetings to Zoom or Skype.
– Cancel External Training and change to virtual training options.
– Postpone team meetings or hold in open spaces or virtually.
– Skip business travel. If workers get sick as a result of external travel or meetings then you could be
3) GIVE EMPLOYEES SOME FLEXIBILITY
– Parents may have to pick up kids leaving from school or stay at home with them.
– Plan now for absences.
– Support your team to build trust and loyalty.
– Ensure you adhere to the Fair Work Act and the NSW Health and Safety Requirements.
4) COMMUNICATE WITH CUSTOMERS
– Customers can deal with a crisis as long as you communicate with them properly.
– Describe what steps you’re taking to mitigate risk.
– Give customers some insight into what steps you have taken to continue to service their requirements.
– Keep them informed of any updates as things develop.
5) UPDATED FINANCIAL STATEMENTS
– To navigate your business during a difficult environment such as COVID-19 you need to have up to date financial information on the state of your business finances.
– Bring your financial statements up to date and keep them updated. This will allow you to make informed business decisions.
6) UPDATE YOUR BUDGETS AND BUSINESS STRATEGIES
Discuss the impact the outbreak might have on your business with your staff and put plans in place to mitigate the impact by introducing new strategies in relation to:
– Sales strategies – set new sales targets based on these new sales strategies.
– Staff availability – with people likely to be subject to restrictions on their movement.
– Supply strategies – particularly if your suppliers will be badly impacted as a result of the outbreak.
– Update your budget in accordance with the new business strategies you have introduced.
7) TAKE ADVANTAGE OF THE GOVERNEMENT STIMULUS PACKAGE
– The government has announced a $17.6billion stimulus package on 12 March 2020 including a number of initiatives to assist small to medium businesses.
– Increase in the immediate asset write-off from $30,000 to $150,000.
– Payment equal to 50% of the Pay As You Go Withholdings to eligible businesses up to a maximum of $25,000 and a minimum payment of $2,000. This cash flow boost is to be paid by way of credit on the monthly PAYG or Quarterly BAS.
8) TAX PLANNING – TO ENSURE YOU ARE MINIMISING YOUR TAXES DURING A DOWNTURN.
– Together with the Stimulus Package, Tax Planning can ensure that you take advantage of the stimulus package and also pay less tax.
– With a downturn you should ensure your wages are not too high and preserve your cash.
– Tax Planning is something you should do every year and well before the end of the financial year to give your-self time to plan. This is especially the case during a downturn.