The world’s social and economic landscape has been turned upside down by the COVID-19 crisis and the impact on Australian businesses has been nothing short of devastating.
Unfortunately, it will only get worse for Australian business owners as the government continues to tighten up on movements business activity and self-isolation.
Sue Hirst, Co-Founder of CFO On-Call, says that the key to keeping your business afloat in a time of crisis is proactivity.
“No amount of planning could have prepared a business for this. By now, most business owners have likely thrown out any forecasts for the year and are wondering what their next move is financially,” said Sue.
“While SMEs are largely quite well versed in flexibility and moving quickly, now – more than ever – it’s important for them to be prepared to shift their way of thinking and anticipate what’s next.
“Our main objective needs to be to keep the business in shape to survive this period (forget thriving unless you’re lucky enough to be in the toilet paper business!).
“Additional to that and hopefully a consequence of it, will be that as few people as possible lose their jobs. As business owners we need to consider not just our small business, but the wider community and recognise our part in it. We all need to share the pain a bit!” she added.
While it is clear that certain businesses will not survive this crisis, Sue firmly believes that many can pull through if they employ a sensible survival strategy and maintain a high level of determination.
“There are a number of strategies that business owners should be implementing right now to help get them through the coming months,” continued Sue.
“From prioritizing cash flow to making the most of government entitlements and negotiating with suppliers, quick action is required in order to prime your business for survival,” she added.
To support business owners, CFO On-Call has created a free COVID-19 survival guide for Australian business owners, which outlines five key strategies to help businesses get through this challenging time.
The guide provides an easy to understand breakdown of how to best prepare your business to survive the COVID-19 pandemic. Interested business owners can download it for free here: https://bit.ly/3bvsgno
“Our goal is simple: we want as many businesses to get through this difficult time as possible,” said Sue.
“We hope that business owners will be able to take something valuable from this resource as they navigate this difficult landscape,” she added.
To learn more about CFO On-Call and how it can support your business, visit www.cfooncall.com.au.