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.