Strengthening Your Business

In this current situation of ‘unknowns, in our world and business environments, we must take specific measures where possible to ensure a sustainable future beyond unexpected periods of crisis. We have developed some very specific actions you can take to protect and minimise negative impacts on your business and your team:

  • Talk to your bank to suspend loan payments for the short-term.
  • Free up working capital – access term deposits, increase overdrafts and credit limits
  • Implement systems to allow teams to work from home.
  • Assess IT requirements to offsite access to files and records.
  • Review communication systems to allow for regular contact with the team. Investigate the use of systems such as Skype.
  • Halt purchases of all non-essential stock.
  • Negotiate delayed invoice payments to large business customers.
  • Pay bills to small, local businesses – they need money too!
  • Request early payment terms from your large business customers.
  • Check the leave balances for each team member and ask them to take leave where possible.
  • Avoid bill shock. Cut back on discretionary expenses and minimise waste and overhead costs.
  • Ensure premises, stock, vehicles, tools etc. are protected from theft.
  • Fill up your essential plan and fleet if you can, and if needed, secure bulk fuel storage tanks.
  • Identify and engage with your essential team and give them a voice in the development of your plans.
  • Investigate and access available funding packages.
  • Talk to your accountant so your business can withstand disruption and discuss what stimulus measures may be available.
  • Finally, don’t forget to take the time and check on each other’s wellbeing; both within your business and beyond.