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MJJ Accounting and Business Solutions MJJ Accounting and Business Solutions
REQUEST
A QUOTE
07 5451 1118
  • HOME
  • How we help
    • Accounting services
      • TAXATION AND COMPLIANCE
      • Effective tax planning
      • Know your cash flow
      • Superannuation
      • Financing
    • Business services
      • Structuring your business
      • Strategy and prevention
      • Managing your business
      • Growing your business
      • Retirement planning
    • SUPER & SMSF
    • BUILDING & CONSTRUCTION
      • QBCC SPECIALIST ACCOUNTANTS
    • OUR PACKAGES
      • FIX UP PACKAGE
      • OVERHAUL PACKAGE
      • ADVICE PACKAGE
      • ESSENTIALS PACKAGE
      • EXTRAS PACKAGE
      • PREMIUM PACKAGE
  • About us
    • Our story
    • Our team
    • Why choose us
  • Testimonials
  • Blog
    • Business Advice – Starting
    • Business Advice – Growing
    • Business Advice – Exiting
    • Compliance & Record Keeping
    • Wealth Creation & Strategy
    • Tax Tips
    • Local and Current Issues
    • Items of Interest
  • CONTACT
Blog
MJJ Accounting and Business Solutions / Items of Interest / Business as usual?
Apr 02
Business as Usual?

Business as usual?

  • April 2, 2020
  • Items of Interest
Business as Usual?

It has been a challenging few weeks for us all. We are doing our best to speak to all our clients to understand the impact of coronavirus on your business. Some of the stories have brought us to tears however in all this doom and gloom it has been reassuring to speak to a number of businesses that are doing well or have had minimal disruption.

If you are in the fortunate position of seeing your business trading as normal or even better, now is not the time to be complacent and think you are 100% sheltered from the storm. If it is “business as usual” for you today, here are our tips on what you can do to sure up for the potentially rocky ride ahead.

  1. Cash is king
    If there is one lesson, we can all take away from this coronavirus experience, then it is that ‘cash is king’.  People and businesses living week to week have been immediately impacted. If your business is continuing on as normal or doing better than ever, please continue to build your cash war chest and don’t assume the good times will last. Follow up all your debtors to try and get any overdue payments in. Review your trading terms to ensure that you obtain upfront payments where possible.

  2. Project your cash flow
    You need to know in advance what impact a slowdown or potential shutdown will look like to your cash flow.  We don’t know if these business shutdowns are a temporary blip, or for at least 6 months (which is what the Government keep referring to) or even longer if they drive the Australian and world economies into a recession.  We suggest you do a monthly business and personal cash flow budget for at least the next 6 to 12 months.  Estimate your future monthly revenue and do various scenarios e.g. 20%, 50%, 100% revenue reductions over various time periods.  Review all expenses and see if you can remove any non-essential items now. Just because you have plenty of work on today, if it all dries up in 3 to 4 months, what fixed costs like staff and rent will you be saddled with?

  3. Contact your suppliers and landlord
    Let them know business is going well and you intend to meet your commitments. If you work with them now and keep the communication channels open should things change in the future, they are more likely to work with you.

  4. Communicate with your customers and clients
    Are you communicating with your customers and clients to keep them up to date with the products and services you are offering? Are you considering if your customers (current or those in the sales pipeline) are impacted by COVID-19? If your clients are concerned about their job security, it is unlikely they are going to be commit to that kitchen renovation in 6 months’ time.  Are there any opportunities to update your marketing communications, such as your website and social media? A lot of businesses have stopped advertising – should you be looking to increase this to let people know you are open for business?

  5. Tax Planning
    Your tax planning analysis with your Accountant this year is VITAL! We will be able to provide you with clarification around the various government stimulus packages and your options to access these. We can also offer an independent review of your figures and anticipated results and assist you with making some tough decisions now if necessary.
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  • Could not speak more highly of the support we have received over the years from the team at MJJ. Special shout out to Renee who has been most supportive, professional, knowledgable and pro-active in taking care of our business and personal accounting needs. Thanks so much!

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  • We were looking to move our accounting in a more technological direction and have found the team at MJJ to be spot on. Melanie has a genuine interest in our business needs and the direction we want to take the company. We have found Sam and the team to be very helpful and look forward to continued support.

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    January 29, 2020
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