For business owners, times of uncertainty can be very hard. You have to consider the needs of your people, adjust your business plans and bear the financial and mental burden associated with having a personal stake in your organisation. For most business owners COVID-19 has been an immense challenge, and many of the government support packages are in the process of tailing off.
Here are some tips that might help business owners continue to protect themselves, their staff, and their company.
Make the most of government schemes
They may be coming to an end, but there are still plenty of excellent schemes out there for eligible businesses. They will help you to increase your cash flow, provide relief for commercial tenants and there are even emergency measures to help you repay creditors in a timely fashion. Be sure to check what level of support is available at a State and Territory level too. With Victoria harder hit than other states, the local government’s further $534 million Business Support Package, could be relevant to your needs.
Keep in regular contact with your people
If you’re feeling unsure, it’s likely your staff are too. Stressful situations can create difficult cultural environments, but you need your staff on side to keep the business going and delivering great products or services to your customers. It’s important to communicate regularly and honestly with your team. Create a plan to give them as much information as you can and respect their decisions, then they’re more likely to respect yours.
Seek help and advice from others
You don’t need to navigate through a difficult time alone. Being open and honest about the challenges you are facing means you’re able to get advice from people you trust. Whether it’s a business partner, friend or an expert, build a network of people around you who can offer you the practical and emotional support you need. Remember to prioritise your mental health as well as the health of your business.
Get creative in the way you do business
Take an objective look at your organisation and try to find areas where you can tighten things up, quickly change business models, or make rapid efficiencies. If your staff are working from home, perhaps you can let some office space go. If your website needs improvements to help your sales, use this as a time to change your online processes. It’s easier said than done, but take advice from people who know your business well – your staff members might have ideas about how to reduce the cost and time taken to achieve your objectives.
If you’d like to discuss any of the suggestions above, or would like specific assistance financial planning for your business then please get in touch with the team at ADR Wealth. We’re here to support you through these challenging times.