1. Understand the current financial position of your small business
2. Check your eligibility for government small business assistance
3. Contact your financial advisor/accountant/ban
4. Communicate with the stakeholders of your small business
Of course, you’ll need to follow up with anyone who owes you money and try to get any overdue payments in. But, be compassionate: everyone’s doing it tough right now, and you may need to consider negotiating, based on what they are able to pay in the current circumstances. Also communicate with your creditors to see what payments you may be able to defer.
It’s also imperative to keep your customers posted with your future plans and arrangements you’re planning to implement when reopening. Keep them engaged with your brand and they’ll reward you when you can open back up.
You should also check the latest Australian Competition and Consumer Commission (ACCC) advice on how to manage cancellations, delays or suspension of products and services in relation to your consumer obligations.
5. Consider withdrawing your Superannuation
Fortunately, the Federal Government is allowing special access to withdraw funds from your superannuation. However, the tax-free withdrawals are capped at $10,000 this financial year, and there are a number of eligibility criteria under which you can apply.
Before you decide, you can read more about the pros and cons of withdrawing your super early here.
6. Build your networks
Last but not least, this is an important time to reach out to your networks for support and advice. This is because getting involved and being connected can open up new opportunities for you for sharing ideas and innovative creations.
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstance and requirements.