Coronavirus: What you can do next
Well – what a crazy week to say the least.
The world has been changing rapidly and businesses have had no choice but to adapt to these changes and move fast.
Power to all business owners who have risen to the challenge. We must all focus only on what we can control rather than what we can’t.
I saw a great quote the other day: “Being challenged in life is inevitable – being defeated is optional!”
Whilst there is a lot out of our control right now – there is so much opportunity amongst all the chaos. I challenge all of you to keep working every day like it’s day one. As a community we will come out of this.
We can be fearful, vulnerable or strong. We are choosing to be strong. There are industries flourishing right now. We have some amazing client stories that quite frankly are just awesome – from restaurants that are now delivering to their local community to residential tradies who are letting their clients know that they are compling with all the regulations right now and can still fix the problems in their homes. I am so proud of how creative our community are being right now. I know we will get through to the other side.
As a team, we have been working tirelessly to gather plenty of resources to help you to prepare for what’s to come. There is enough news out there to make you feel alarmed, so let’s focus on preparing, staying in control and remaining proactive instead of reactive.
Firstly, in case you missed it, to stop you from trawling through the internet looking for information, we have created a one-stop-shop of the latest intelligence - our COVID-19 resource centre.
This hub is for you to quickly find all the information you need, as a business owner. This is a library that will grow every day.
I don’t want to see one business owner lose their business but that is inevitable for some. Only the fittest will survive.
If you want help, reach out, my team are standing by - Book a 15-minute chat with one of our team
Don’t lie awake this weekend wondering what you can do; now is the time to ACT
What you will find in the resource centre:
Basic weekly cashflow forecast:
This cashflow forecast will be your most important tool right now.
This virus will affect us all so you must be able to predict your cashflow for the next 26 weeks and understand which levers you can pull as and when needed.
Once you have prepared your weekly cashflow forecast – you can use it as a guide to get you through the next 30/60/90 days.
How to complete your cashflow forecast:
The PDF is designed to help you fill out and complete your cashflow forecast – it also explains how once you have completed your cashflow forecast, you will need to fill this out weekly so you can compare what your cashflow says to what actually happened and then make adjustments accordingly.
Video: How to create a 26-week cash flow forecast
This 13-minute video is Damien our senior strategist explaining specifically how to complete the cashflow forecast, using examples.
This will ensure that you understand all the different components of the cashflow forecast.
Advice for Employers
Coronavirus: How to Keep Your Business Running & Bounce Back Stronger
ICS Consulting’s best insights on how businesses are succeeding during the Coronavirus crisis.
Includes ideas and links on how to prepare now for the recovery which will inevitably come
From ICS – Integrated Compliance Solutions
Employsure Resource Hub For Employers
The FAQ And Resource Hub discusses a whole range of relevant points circulating what actions employers should be taking in different circumstances, what this means for payroll, FAQ, and the continuation of employees. There is also a “Tools for Employers” section which has different downloadable documents on processes that should be implemented throughout the crisis.
Coronavirus shutdowns: What are your employer obligations?
What if we were to go into shutdown and all non-essential businesses were asked to close for the duration of the lockdown?
Kochie’s Business Builder explains what considerations you need to make in these circumstances and where you can find information on employees “standing down” during these sorts of unprecedented conditions.
Australian Government Financial Stimulus Packages
Australian Government Response to the Coronavirus: Cash flow assistance for businesses
There are many initiatives that the government are taking to assist small businesses during this time – it’s hard to know what is applicable to you and what isn’t – we found this page to be very direct and helpful, the page has a range of fact sheets that give specific information on what assistance will be granted during the pandemic.
Australian Government: SME Guarantee Scheme
If you are in a position where you need to borrow money for cashflow purposes, then the government has implemented the SME Guarantee Scheme, this page explains the terms and conditions in which you can borrow and how much you can borrow up to. It also discusses how long you have to pay this back and when you need to begin paying this back.
Australian Government Financial Stimulus
Information regarding the second stimulus package announced by the Federal Government on 24 March 2020.
The Government is now providing up to $100,000 to eligible small and medium sized businesses, and not-for-profits (including charities) that employ people, with a minimum payment of $20,000.
Google My Business Changes Due to Covid-19
There have been multiple changes made in relation to the functions available for businesses on Google My Business. This page lists all of the changes made and what new features are now available on Google My business. Check out the features and see what you can do to optimise your business given the current circumstances.
The Resource Centre will be updated regularly as the situation unfolds – we will be doing all we can to help you through this situation.
What you can do next?
Step 1: Your Cashflow Forecasting
It is vital that you complete your 26-week cashflow forecasting.
Go to our resource centre, click here, and complete – Damien’s video and our pdf will help you to complete this correctly. Then take a look at what you can and cannot afford to do with regards to expenses and HR.
We have found many of our clients have completed this task and can now sleep at night knowing they have a document that keeps them in control.
Step 2: Look at what stimulus packages are available to you.
The Government is doing everything they can to keep the economy running and keep small-medium sized businesses afloat, so it is critical you know and understand what stimulus packages are available to you.
This information is available in our resource centre, click here.
Step 3: Know what rights and responsibilities you have as an employer
Our HR resources will inform you of what rights you have as an employer and what is available for your employees to assist them and you through this crisis. If you have A graders on your team I urge you to work out how to retain them for as long as possible (without losing your business completely of course) so that when this is all over you still have a team who are skilled and trained to deliver on your promises when the ‘bounce back’ occurs.
This information is available in our resource centre, click here.
Step 4: Be positive and proactive.
You need to be doing everything in your control to respond and adapt to the situation.
Take inspiration from our community:
Many thanks so far. It fills me with a great deal of confidence in these unknown times that you guys have got mine and my businesses back!
Good Afternoon Fellas,
Some good news!
The Drain Man has just notched its biggest sales figure for a week in the history [a contract]
The Drain Man
You are one truly inspiring leader. Thanks for your commitment to helping us all through this.
We’re sending this to our stakeholders to listen to… to help them understand why we are still open for business & hopefully pump them up as you have pumped us up.
You've taken us, in particular me, from being an absolute crying mess to confident, optimistic and excited about the post COVID -19 future.
Thanks for being our voice of reason. Thanks for being our business teachers. We are so incredibly grateful to have you by our side.
We've come up for air today. I've even been a mum this morning. Thank you. Thank you. Thank You.
If it wasn’t for the education and mentorship I have received in the past few years I would never have started working on my cash flow last weekend, I would have just thrown my hands in the air and panicked.
The work you are doing and helping me get my head around is elevating my thinking and clarity to the next level and I know that this will improve my business in the long term.
We are here for you. We have lots of free resources to help you. Take advantage of them.
Power to you!
CEO, Business Benchmark Group
Looking for a business coach? Find out more about the Board of Directors 12 Business Coaching Program.
Stefan Kazakis on 5 May 2018
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