Business Post Covid
As a country, we are witnessing the largest ever government handouts in the form of jobkeeper and jobseeker payments. There are payment holds on mortgages, eviction bans for six months and reduction in rents. All of it stands to come to an end in another three months.
I can feel the enthusiasm with the easing of lockdowns. This weekend was probably the best that retail has seen in months.
As a business owner, you have three months in which you have to brace yourself for the reality of life post Covid.
Perhaps it is time put together a plan to conserve your resources. Think about your business. I have listed some points below.
1. Determine your financial position and health
2. Cash flow- Do you have enough resources to meet your immediate commitments?
3. Business Operations- Are your operations effective and profitable?
4. Customers - Has your market changed and will it change more in the near future? How will that effect your bottom line going forward?
5. Suppliers- Will your suppliers be able to supply to you?
6. Funding - Will you have access to funding to keep your business going?
7. Staff – How easily will you find staff for your business?
8. Technology – Identify your technology needs to meet your new corporate plan and invest.
Make sure you act now and conserve your hard- earned resources.
With love from Parul and Wagga Accounting