Business In Wartime “This ain’t no party, This ain’t no disco, This ain’t no fooling around...”
Talking Heads’ ‘Life in Wartime’ is getting a lot of airplay at the moment. Listen to the lyrics. Things are getting serious. If you are serious about saving your business, what follows are some things you should have done (or should be doing urgently) to give your business the best possible life after wartime. If you act quickly you may be around to tell the tale when the war is over. If done properly you may even be stronger at the other end. It’s not rocket science and it’s not too late.
1. Think Clearly When everyone else is losing their heads, don’t lose yours. You may not nd it again. Stay focused. Be exible. If you need help ask for it.
2. Look at your Major Overheads In most cases these will be; * * * * *
The Bank Rent Employees Trading Stock/ Supplies Taxes
3. Start a Conversation There are no surprises here Communication is key! Start talking to your; * Bank Manager * Landlord * Employees * Suppliers * The ATO/ OSR Try and do a deal that works for everyone.
4. Cash is King The economy has shrunk and will continue to shrink. Work on your cash ow projections everyday. What will you actually receive? What do you actually have to pay? Contact your accountant if you need help with this. Contact them anyway and get them to check you have got it right.
5. Government Assistance The Federal and State Governments make announcements nearly everyday about assistance packages/payment deferrals/ moratoriums etc. You have paid your taxes (and will be paying them for decades to come). Find out about and use everything you are entitled to.
6. Reward Loyalty It will pay you back in volumes...
“No time for dancing, or lovey dovey, I ain’t got time for that now...”
If you ain’t got time, checkout the resources on our dedicated Covid-19 page https://www.connollysuthers.com.au/covid-19-information/
or call us on 4771 5664.
And, please do stay safe.